We're in the saddle for this ninth edition of the Week of Real estate in Review and are riding on the foreclosure trail. 

If you follow any news, then "foreclosure" won't be a term you are unfamiliar with. Saddle up with us as we maneuver through South Florida foreclosures and the effects of foreclosures on condo owners. We'll end the trip with a more lighthearted reflection on the foreclosure situation--you might just manage a chuckle.

Foreclosure sales in South Florida

Foreclosures are right at home in South Florida. Although many homeowners in this region are trying to hang on to their houses, not enough are able to utilize refinancing and redemption programs from lenders. Lenders are being stretched by the increase of homeowners unable to afford their mortgage payments. This is witnessed by the increase in scheduled foreclosures sales in Broward County--500% over 2007--and the increase in foreclosure sales in Palm Beach County--370% over 2007.

Will Barney Frank's housing bill make the presidential cut and provide help for these folks?

Foreclosure failures affect the needs of many condo owners

Condo owners across the country are reaping what they didn't sow when foreclosures in their developments grow to increasing numbers. The article "Collateral Foreclosure Damage for Condo Owners" discusses the responsibilities paying tenants have to shoulder when their neighbors get foreclosed on. These include increased association dues, neglected repairs, upgrades that are put on hold and sometimes even less electricity. This comes difficult for many who chose condo living because of its "maintenance-free" lifestyle.

Do you know what your association has in its reserves?

Making light of it all--a parody on foreclosures

It is possible to laugh in the aftershock of the mortgage quake? Check out this parody on foreclosures from Versus. It is sure to produce a chuckle or two, or at the very least, a smile and a nod.

If you enjoyed this post, you might want to read:

• Real estate recap: Week of real estate in review (Edition VIII)
• Real estate recap: Week of real estate in review (Edition VII)
• Real estate recap: Week of real estate in review (Edition VI)

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Posted by Rebecca D. Levinson