The Real Deal Miami

Region gets 7K November foreclosures

December 09, 2009 02:21PM

Another 7,000 South Floridians are facing foreclosure after November numbers were tallied, bringing the daily rate to 223 filings, according to a report released by Condo Vultures, a real estate consultancy in Bal Harbour. The report represents a 15 percent jump from a year ago and a 76 percent leap from 2007. In addition, the report says South Florida could see 97,000 foreclosures for 2009, a 3 percent decrease from the preceding year. Peter Zalewski, a principal with Condo Vultures said one reason reason for the slowdown in filings could be a shift in lender mindsets that now favor short sales by owners whose homes are underwater. That’s now changing the number of properties that are ultimately going into foreclosure and being repossessed by lenders, he said. [Condo Vultures]