US crisis manna for bankruptcy lawyers, foreclosure experts

AFP, March, 2008

MIAMI (AFP) — South Florida foreclosure expert Rhona Light says she is busier these days than she has been in years.

Two decades ago, when Light began collecting foreclosure data and publishing it for perspective buyers, she said there were about 50 cases a week in Broward County, home to her Hollywood, Florida, office.

These days, in Broward alone, there are a reported 1,200 home foreclosures a week. "Foreclosures have gone through the roof lately", said Light, forecasting even darker days ahead.

Until a couple years ago, Broward County, home to 1.8 million people, and its neighbor Miami-Dade were considered among the country's choice locales for real estate investors looking to turn a quick profit on new condos.

But when the American housing bubble burst, the effect, coupled with rising mortgage payments on adjustable rate loans, left a trail of devastation.

Perhaps nowhere in the United ...