Foreclosure crisis far from over for South Florida
If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality:
There’s a new wave of foreclosures making its way through the courts that has nothing to do with exotic subprime loans, real-estate flippers out to make a quick buck or people who bought way more house than they could afford.
Now, double-digit unemployment, sagging home prices and a lingering recession are to blame.
“The second tsunami of foreclosures is coming,” said Miami Beach-based John Tur, who teaches people how to invest in real estate.