Jeff Ostrowski, Palm Beach Post
Foreclosure activity skyrocketed in Palm Beach County and the Treasure Coast in February, fanning fears that the housing market still faces strong headwinds.
About 4,490 homes in Palm Beach County received a foreclosure filing during the month, up 63 percent from January to February and 68 percent from a year ago, RealtyTrac, an information provider in Irvine, Calif., said today.
Martin County foreclosures were up 52 percent from the previous month and 13 percent from a year ago, while St. Lucie County defaults jumped 69 percent from January and 39 percent since February 2009.
Statewide, foreclosures rose 15 percent from January, while foreclosures nationally dipped 2 percent, RealtyTrac said.
For investors like Myles Minns, head of Continental Properties in West Palm Beach, the wave of defaults creates a “land of opportunity.” After snapping up five foreclosures a week, Minns said he’s taking a breather.
“We had to slow down, because we made offers not thinking people would accept them, and they accepted them,” Minns said.
He plans to fix most of the properties and resell or rent them.
Minns said he has noticed an increase in foreclosures in Palm Beach County, a trend he attributes in part to lenders growing more assertive about taking properties.
Read more here: http://www.palmbeachpost.com/money/real-estate/foreclosures-housing-defaults-soar-in-pbc-tcoast-340709.html
