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South Florida

At 272 filings per day, South Florida poised to see 98,000 foreclosures this year

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South Florida saw an average of 272 foreclosure suits per day last month, according to a new Condo Vultures report. That number represents an 8 percent increase since October 2008, and an 86 percent increase over 2007’s figure. At this rate, Florida is expected to see 98,000 filings this year, which is down from Condo Vultures’ June prediction of 102,000 filings for the year. In 2008, the region saw 75,000 foreclosures, according to the report. If realized, the number of foreclosures forecast for 2009 would amount to a 28 percent annul increase, driven largely by Broward County, which saw a 21 percent year-over-year rise in October. Miami-Dade County foreclosures rose by 10 percent, and Palm Beach County foreclosures dropped by 9 percent during the same time period. TRD

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Condo VulturesForeclosures