Foreclosure Filings Top 250,000 In South Florida Since 2007

MIAMI, FL--Lenders have initiated more than 250,000 foreclosure actions - also known as Lis Pendens or notices of default - against properties in the tricounty South Florida region since 2007, according to a new report from CondoVultures.com.

The South Florida region reached the 250,000 foreclosure filings threshold on Friday, Aug. 27, when lenders initiated a combined 248 actions against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report based on the Condo Vultures® Foreclosure Database™.

"To reach 250,000 foreclosure filings since the real estate crash began in 2007, lenders have had to file an average of nearly 200 actions per day in the South Florida region," said Peter Zalewski, (top right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If current trends continue, South Florida foreclosure filings would have hit their peak in 2009 when more than 97,000 actions were filed in a single year.

" In the first seven months of 2010, foreclosure filings are down 35 percent compared to 2009, putting the region on pace for less than 70,000 actions this year.

"Compare that to 2008 when lenders filed about 76,000 foreclosure actions in South Florida."

Condo Vultures® is assembling a panel of experts on Sept. 14 in Downtown Miami to discuss the issue of future foreclosures in a seminar entitled "Concerns Grow About Double Dip For South Florida Real Estate."

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.