Foreclosures Soar as Predicted - Port St. Lucie Still Ground Zero Cystal Ball

In May, Barron's published my article about the next wave of the housing bubble . . . a tsunami of foreclosures. You can read the full article - Click Here And even though I took heat for my comments . . . we are seeing the very, very tip of the tsunami crest come to shore.

There are two ground zero markets in Florida for the housing bubble when it comes to single family homes - Port St. Lucie and Cape Coral. In St. Lucie County everyone thought foreclosures peaked in February at 817 for the month. March, April and May all saw drops to a low of 455.

But that all changed in June when foreclosures almost doubled to 857. As I noted, this is just the tip of the crest of the tsunami. I expect foreclosures to continue to rise here on the Treasure Coast and nationwide. Remember what I have said since 2004. What you see here at ground zero, is coming to a town near you . . . soon.

GREAT Time to Buy - Even though we will see a flood of foreclosures, we are seeing some foreclosed homes sell at 30-50% discounts from the current market. So even when the market drops another 30-50%, if you buy one of these foreclosed home right, it will be your neighbors overpriced home that declines. If you paid 30-50% less than the current market, you are not only protected against a decline . . . but you are sitting pretty for when homes start to appreciate again.

If you're looking for a home in Florida, please feel free to call or email me - Mike@FloridaHomes.PRO or 772-260-5448