President Barack Obama sets out to tackle the nation’s burgeoning foreclosure crisis today, and few areas need help more than South Florida.
Broward and Palm Beach counties rank among the top 20 regions nationwide for homeowners facing foreclosure.
“I’m thrilled that he’s addressing the problem,” said Paula Siegel, 61, who is struggling to pay the monthly mortgage on her home west of Boynton Beach. “The only hope we have is for the president to hand down an edict the banks have to follow.”
For South Florida to begin to recover, real estate experts say, Obama must address the many people who owe more than their properties are worth. The number of homeowners considered “underwater” on their mortgages has skyrocketed in recent years.
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