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Foreclosures soar in South Florida

The number of foreclosures in South Florida increased in April from the previous month, rising in both Miami-Dade and Broward counties by triple digit percentages, as high unemployment, risky loans and plunging property values continued to affect borrowers.

Foreclosure filings soared in Miami-Dade, South Florida, by 111% between March and April, according to RealtyTrac, a private foreclosure tracking firm, and Broward foreclosures increased by 124% between March and April. Compared to April 2008, foreclosures were up by around +90% in both counties.

In Florida, Miami-Dade and Broward were among the counties with the highest percentage increases in foreclosures between March and April, ranking fourth and third, respectively. Osceola County, in Central Florida near Orlando, had the highest increase with one of every 57 homes in some stage of foreclosure. Lee County, home to the foreclosure hotbed of Cape Coral/Fort Myers, ranked second, also with one of 57 homes affected. In Broward, one of every 78 homes was in foreclosure. In Miami-Dade, it was one in 86, RealtyTrac reported.

Amid rising unemployment, 342,038 properties across the nation received a default or auction notice or were repossessed in April, representing one of every 374 homes.

RealtyTrac counts initial filings, notices of foreclosure sales and homes repossessed by banks to arrive at its numbers.

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