Mortgage failures up as home prices fall
As the economy worsened in June, the number of homeowners behind on their mortgages nearly doubled, contributing to prolonged pain for the South Florida housing market.
Meanwhile, interest rates on home loans soared this week to their highest point in a year, meaning borrowers looking to buy a home will face higher monthly payments.
In Miami-Dade and Broward counties, the median existing home price fell an average of 20.5 percent in June to about $299,300.
In both counties, the percentage of borrowers behind on mortgage payments i