South Florida initial default filings see big jump in first quarter of 2012

Initial default notices in South Florida rose by 51 percent in the first quarter of 2012, according to a report from brokerage and consultancy Condo Vultures. There were more than 10,000 initial notices of default in the first 90 days of this year, compared to around 7,000 in the same period in 2011. “South Florida’s foreclosure actions are on the rise once again after an unofficial 15-month moratorium was effectively lifted in the first quarter of 2012,” said Peter Zalewski, founder of Condo Vultures. “Until the National Mortgage Settlement Agreement was completed in early 2012, many lenders apparently withheld filing foreclosure actions against borrowers in default.” — Alexander Britell