Southeast Markets Squeezing Speculators?

Rising foreclosure activity in the Southeast indicates that speculators who bought houses when prices had peaked are "simply walking away" from houses they can't sell at a profit, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm."Over 8,500 properties in Florida went into foreclosure in the month of June alone," said Alexis McGee, president of ForeclosureS.com. ".... Now, price appreciation has gone flat and even reversed slightly, and this trend is colliding with rising interest rates. People who bought at or near the market peak are being squeezed out of their homes, and speculators find themselves trapped by rising costs and negative cash flows." The company can be found online at http://www.foreclosures.com.