The Real Deal Miami

Foreclosures to come foreshadow bleak market future

November 24, 2009 10:39AM

 Although yesterday brought reports that existing home sales rose in the region, a pending tidal wave of foreclosures makes market stabilization even less likely in the near future. Miami leads the country with 12.2 percent of first mortgages in default. Broward is second in the nation with 10.2 percent, according to Moody’s These are delinquent loans on which lenders have yet to start foreclosure proceedings. Palm Beach County is fifth, with 7.7 percent of first mortgages in default. The national average is 2 percent.