South Florida Homeowners Underwater

Almost half of South Florida homeowners owe more than their home is actually worth, according to a second quarter report released today by Zillow.com.

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Murderer's Vacant Lot Goes For A Steal In Palm Beach

A vacant half-acre waterfront lot in Palm Beach has been sold for the bargain price of $3.6 million. The lot was previously owned by convicted murderer Fred Keller.

Keller shot and killed his fifth ex-wife nearly six years ago.

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$4 Million Made Available For Foreclosure Defense in Florida

A new foreclosure assistance program for the defense of troubled homeowners was announced yesterday by attorney General Bill McCollum and the Florida Bar Foundation.

The money, a total of $4 million over two years, will be distributed through the foundation in annual grants to non-profit organizations that will approve applicants. The money will come from a settlement obtained by the Attorney General's office from Countrywide Financial.

Florida currently has the nation's fourth highest forclosure rate.

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Shredded Documents and Chaos Found in Foreclosure Rescue Offices

A Palm Beach Circuit Court judge granted the Florida Attorney General's Office an emergency ruling Friday, requiring four mortgage modification operations to cease doing business: FHA All Day.Com, Safety Financial Services, Housing Assistance Law Center and Housing Assistance Now.

Last week investigators found bags of shredded paperwork and chaos at a Deerfield Beach storefront that was once the address for at least two of the businesses.

Victims will be in court to testify on Thursday. Regulaters state that the companies made illegal telemarketing calls using President Obama's voice and charged up to $5000 up front to modify existing home loans. This is a violation of the 2008 Foreclosure Rescue Fraud Prevention Act. Then, nothing at all was done for consumers months after the signed up.

Jason Vitulano, the owner of FHA All Day and the person officials say was connected with all four companies, is required to get court permission before transferring any assets worth more than $1000.

The Florida attorny general is currently invesitgating 81 mortgage modification companies.

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South Florida Home Sales On The Rise?

South Florida home sales in Palm Beach and Broward counties are reported to have raised 15 and 35 percent respectively from last June. Though the median sales price has dropped at least 25% from prices reported a year ago, prices have risen slightly from earlier this year.

Lower prices and government incentives have enticed buyers to purchase in South Florida.

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