Pompano Beach, with its balmy winters, is named after an Atlantic fish – Pompano. Pompano Beach city is in Broward County in Florida State. It runs breathtakingly along the Atlantic coast with residents numbering 5,463,857. Recent steps were afoot to give the beach and the city a new facelift causing it to zoom into one of the top sought after property regions. According to statistics about 55% are Whites, 39% Afro-Asians and the others are Native Americans, Asians and Hispanics. The average family income is $36,073 and 17% live below the poverty line.  

Why should such a paradise as Pompano Beach reel under foreclosures? In Broward County there were 275 foreclosures in August 2006 but as many as 1965 in August this year. In fact there has been a steady rise from August 2006 starting from 275 and going up each month to 414, 542, 566 and tapering off in December 2006 to 401. But once more the speed picked up with ferocity from January 2007 with 671 and going up the following months to 819, 910, 675, 680, 905 and then suddenly jumping to 1,160 in July and 1,965 in August, belying all hopes of a respite. Figures do not lie but interpretations from these figures differ. Hence a break up of the economic and demographic figures is required. Some are of the opinion that Pompano Beach foreclosure properties are targeting blacks while others rattle off statistics to show that Pompano Beach Foreclosure homes are cutting across all socio-economic divides. The intensity of the foreclosures is not the same everywhere with certain pockets being worse hit than others. Afro-Americans availed of easy sub-prime loans to own a house while most of the Whites took advantage of these lax terms to invest during the housing boom. Hence foreclosures are dogging the footsteps of regions where the housing boom has been at its peak. 

Foreclosure is a process consisting of many steps. When a borrower defaults in making mortgage payments the lender sends a foreclosure notice. The house that had been kept as collateral would now be auctioned off and the dues realized from the sale proceeds. In the market there are two types of loans – the traditional or prime and the sub-prime. The prime loans are for prime customers who have a good credit history. But the sub-prime is for the marginalized sections who cannot qualify for the best loans. Hence they pay higher interest on floating rates. When the housing boom was ruling supreme many went for the sub-prime to get easy houses either as investment deals or for a place to stay in. But when the housing balloon began to burst the naked face of foreclosures came out – it ran into millions. Florida is one of the top rankers and the reason is mainly said to be because till recently there had been intense real estate activity here. Hence now there is equally depressing foreclosure commotion going apace.  

For further statistics click on to www.floridafloreclosureproperties.com and draw your own conclusions.