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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Cristiano Moura (Credit: Christie’s Real Estate and iStock)

Viral Instagram post leads to arrest, assault charge for former Christie’s agent

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

arrow_forward_ios