The number of properties in Florida foreclosure listings is predicted to increase by 100 percent in 2009. In South Florida, foreclosure rates are expected to rise between 50 to 100 percent this year. The total number of foreclosure filings increased by 128 percent in 2008, reflecting 75,730 homeowners who are in the process of losing their properties. The figures were way higher than the 33,154 foreclosure filings made in 2007.

The number of yachts taken over by National Liquidators, a marine repossession company, has grown three times. It is anticipated that more yachts will be added to foreclosure listings if the mortgage crisis will remain unabated.

National Liquidators recovery manager Jason Lessnau pointed out that the company's recovery and sales of foreclosed yachts reached a record level.

The deepening economic recession in the country and the rapid decline of home prices have severely weakened the housing market. And foreclosure listings have now extended its reach from residential properties to boats.

According to real estate experts, distressed boat owners have also made the same reckless investment decisions as homeowners who are facing the brink of foreclosures.

The easy credit and risky loans that resulted to a real estate boom expanded to the boat market. Many boat owners failed to take into consideration that the market values of boats declined more quickly that those of automobiles. One morning, boat owners woke up and found out that they owe more than the fair market value of their boats.

Most often, boat owners default on their monthly payments when they lost their jobs or went through a divorce. But just like in automobile loans, banks allow boat loans to recover their collateral if distressed owners default.

Meanwhile, because of the unprecedented growth in the number of boats recovered by National Liquidator, President Bob Toney has decided to lease four additional boatyards after his boat repossession business increased by 350 percent.

Toney pointed out the shift in the sizes of boats repossessed by the company, noting the inclusion of 60 and 70-foot boats and mega-yachts measuring 100-foot and more.

About 50 percent of repossessed boats in Florida were voluntarily turned over by their owners, while the other half was involuntary transfer.