Foreclosures Up in Florida

Foreclosures in Florida rose by 21% in October, according to Default Research Inc., a foreclosure research company based in Mt. Pleasant, Pa.Serdar Bankaci, president and chief executive officer of Default Research, said condominiums "could be the bargain of the season" in South Florida. "There were a lot of condos bought for investment purposes, and with the downturn in the real estate economy, many investors are being forced to sell their condos for much cheaper than what they paid for them." The highest increases in the foreclosure rate came in Clay County, with a 40% rate, and Lee County, with 38%, Default Research reported. The company said increases in the tri-county region of South Florida were as follows: Palm Beach, 26%; Miami-Dade, 25%; and Broward, 23%. Default Research can be found online at http://www.defaultresearch.com.