Foreclosures

Lake Worth has a few more failed businesses owned by Bella Lago LLC.

It seems they have a mortgage of $4.4 million and the bank has now foreclosed. The foreclosure pertains to the warehouse at 1105 2^nd Avenue North as well as the retail building at 1106 Lucerne.

There is every indication that we will experience more and more foreclosures in the coming year. According to Bloomberg, foreclosures will peak by mid-year and home values will continue to decline throughout all 2010.

If you think things are bad now, wait until budget time next year.