The Economy May Be Recovering, But Miami's Foreclosure Mania Isn't Close To Over
Riptide was feeling all warm and fuzzy this morning. No, it wasn't just from all the vodka in our coffee. (What, like you don't start your day with a little 'Russian java'?)
Flickr / is finally on the rebound. The ArmaRecession may finally be hitting rock bottom. Yay!
But then we talked to Peter Zalewski, head of Condo Vultures and both Riptide and Michael Moore's favorite messenger of doom on our housing market. Zalewski just released some new foreclosure numbers for the area, and damned if they didn't sober us right up out of our Moscow espresso haze.
On average, South Florida lenders filed foreclosure papers on 272 properties every single day last month, according to Zalewski's research.
"It's still a lot of foreclosures compared to past years," Zalewski says.
The October foreclosure-fest means that lenders in Broward, Palm Beach and Miami are on pace for 98,000 foreclosures this year -- a huge leap from the 33,000 they filed in 2007, according to Zalewski's research.
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