Many South Florida real estate owners won’t benefit from the White House subprime mortgage plan because they’re investors or homeowners at least 90 days late on their house payments. To qualify for help under the program , residents must be living in their homes and current on their mortgage payments.

Some economists say there’s nothing in the president’s proposal that will trigger a rebound in a South Florida housing market that has been mired in a slump for almost two years. It’s not going to help areas that need help the most, and Florida certainly is one of those. Palm Beach County had 1,387 residents behind on their home loans last month, up from 515 a year ago.

Relief is designed for homeowners holding adjustable-rate subprime mortgages they took out between Jan. 1, 2005, and July 31, 2007, and are facing a steep increase in their interest rates before July 31, 2010. People facing foreclosure typically are behind on their mortgage payments at least three months and have been notified by lenders that they intend to take back the properties.

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