South Florida foreclosure tsunami to continue for at least two years

TRD New York /
Sep.September 22, 2009 02:13 PM

From the South Florida Web site: The Mortgage Bankers Association, RealtyTrac and other foreclosure data providers have ranked Florida in the top four foreclosure states for four years running. Many times the Sunshine State has been at the top of the heap, so to speak, at number one in foreclosures in the nation. The statistics, culled from the MBA and my consulting company, are staggering — 23 percent of Florida home loans were either delinquent or in foreclosure at the end of the second quarter in 2009; South Florida’s three counties are on target to surpass 200,000 new filings this year, marking a historical record; and this year county judicial systems across the state are setting aside several days each month to exclusively hear uncontested foreclosure cases in what’s commonly called “rocket dockets,” attempting to clear the logjam in the courts and foreclosure. Jack McCabe is CEO of McCabe Research & Consulting in Deerfield Beach, Fla. He is an independent real estate analyst and consultant to major developers, lenders, and investors.

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