MIAMI, FL--More than 97,000 foreclosure filings were initiated in 2009 in the tricounty South Florida region, representing a 29 percent increase compared to nearly 76,000 actions in 2008, according to a new report from CondoVultures.com.
By comparison, in 2007 there were more than 32,000 foreclosure filings - also known as a Lis Pendens or a notice of default - initiated against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using the Condo Vultures® Foreclosure Database™.
"As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"At the end of the second quarter of 2009, the region was on pace for more than 100,000 foreclosure actions. That momentum slowed just enough in the third and fourth quarters, allowing the region to fall just short of the psychologically significant mark.
"The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida."
Contact: Peter Zalewski, 800-750-0517 or by email at peter@condovultures.com
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