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PB nears $20 billion in loan defaults

September 09, 2010 11:15AM

Loan defaults in Palm Beach County are on pace to exceed $20 billion
this year, according to a
report from Condo Vultures. At the end of last month, borrowers had filed
75,000 foreclosure actions in the county totaling $18.8 billion in
loans made since 2007. “It really has not been a good last couple of
years for the residents of Palm Beach County,” said Peter Zalewski, founder of Condo Vultures. In the first eight months of 2010, lenders filed
13,500 foreclosure filings seeking repayment of nearly $3.7 billion in
Palm Beach County. TRD