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Wednesday, July 19, 2006

Foreclosure Activity Heating Up in Florida, Georgia and Midwest

Kristin Campbell 07.17.06

Rising interest rates and a cooling housing market are driving foreclosures up in Florida and Georgia, according to data released today by

Nearly 30,000 Florida properties are currently in some stage of foreclosure, said Alexis McGee, president of Nearly a third of those properties are in south Florida, she said.

In Georgia, the foreclosure pace is almost double what it was in May 2005, according to the research. Since home sales are slowing, homeowners are not able to quickly unload adjustable rate mortgages they can no longer afford, which leads to more foreclosures.


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