Palm Beach County saw a dip in foreclosures in November, while at the same time, St. Lucie County saw its troubled real estate more than triple.
Analysts are blaming rampant speculation in St. Lucie’s new-home market and exorbitant hikes in homeowners’ insurance as the cause of its leap to 313 foreclosures from just 94 in November 2005.
The increase is the highest foreclosure level for the high-growth area in nearly two years, according to a new report from RealtyTrac, which documents foreclosures nationwide.
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