A housing bubble report from the Treasure Coast. "It could well be the inevitable result of the recent housing boom. Many Treasure Coast homebuyers caught up in the go-go, building-buying frenzy have binged on a smorgasbord of interest-only and adjustable-rate mortgages. With interest rates rising, their payments are increasing and some are winding up in foreclosure."

"A total of 139 homes in Martin, St. Lucie and Indian River counties entered some form of foreclosure in March. said, 'Some people took out $60,000 home equity loans as a speculative buyer to buy a condo,' said (Economist) Stanley Geberer. 'The market for condos has softened and people are willing to just walk away, even if they lose money.'"

"Patrice Yamato, president elect of the Florida Association of Mortgage Brokers, said she wasn't overly concerned about the local and statewide foreclosure figures. 'Considering that we have 3,000 people move into the state every day, it doesn't look as bad as it seems,' Yamato said. 'Florida is like the land of milk and honey right now, and people will continue moving here. So I don't think this is a reflection of an economy in danger.'"

"Those who work with land-rich, cash-poor homeowners see the situation differently. 'We knew this was coming at some point,' said Jessica Cecere, president of the Treasure Coast and Palm Beach division of Consumer Credit Counseling Services."

"Cecere said her office has seen an increase in local residents seeking help with mounting debt. 'It's really unfortunate but a lot more people have come to us with problems,' Cecere said. 'So many people have overextended themselves and they don't realize it until those adjustable rates go up.'"

"Brad Hunter, who follows housing trends on the Treasure Coast and South Florida for Metrostudy, warns that that the March's foreclosure report may just be the tip of the iceberg. 'Unfortunately, it's going to get worse before it gets better,' Hunter said. 'The first shock was probably their new tax bill, then their insurance bill.'"

"Hunter said some foreclosures may be a result of novice investors who bought spec homes with adjustable rates and then watched the market slow. 'They bought hoping to turn around and sell quickly,' Hunter said. 'Now they're holding on to properties that they can't afford.'"