As the hurricane season begins in Florida, the pre-foreclosure storm is continuing to swirl, according to Default Research, Inc. in Mt. Pleasant, Pa."Even though foreclosures rates in Orange County had remained relatively stable, May showed an increase of approximately 27 percent," said Serdar Bankaci, president and CEO. "With an active hurricane season predicted, many homeowners are already at the brink of foreclosure and may not be able to weather the financial storm." Combine the rising energy costs with the subprime lending crisis and adjusting ARM loans and Mr. Bankaci said he is certain foreclosures are going to continue in the Sunshine State.
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