South Florida foreclosure tsunami to continue for at least two years

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Town & Country's Judi Desiderio (Getty,  Town & Country Hamptons)
Hamptons, North Fork sales data emerge in wake of computer hack
Hamptons, North Fork sales data emerge in wake of computer hack
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
Editor’s note: Reading the tea leaves of fall
Editor’s note: Reading the tea leaves of fall
Editor’s note: Reading the tea leaves of fall
Related Companies' Stephen M. Ross and the Time Warner Center at 10 Columbus Circle (Getty Images)
Steve Ross in contract to sell Time Warner Center pad
Steve Ross in contract to sell Time Warner Center pad
(Illustration by The Real Deal with Getty)
Title searches resuming after Suffolk County cyberattack
Title searches resuming after Suffolk County cyberattack
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...