The Daily Business Review has released an informative article on the state of foreclosures in South Florida:
“This year through May 4, South Florida had 13,235 foreclosures that tally up to almost $3 billion in loans. Miami-Dade County had 5,399 filings worth almost $1.36 billion, Broward County had $873 million in 4,965 foreclosures, and Palm Beach County had $736 million in 2,871 foreclosures. “
Condo foreclosures have accounted for 17% of the total filings and, not surprisingly, LLC’s and investment firms (flippers) account for an estimated 30-40% of the cases.
South Florida is compared to the rest of the nation:
“Nationally, foreclosure filings were up 62 percent in April from a year before, according to RealtyTrac, a real estate research firm. By comparison, South Florida foreclosures were up 211 (percent) during that time period. The region can be viewed as a microcosm for real estate trends…’The boom started here. The correction started here,'”
Foreign nationals and their role in mitigating the amount of foreclosure filings is also brought to light.