Nearly 5% of Miami-Dade Homes in Foreclosure
MIAMI - Default Research (http://www.defaultresearch.com) is reporting that South Florida lenders filed 101,000 foreclosure-related lis pendens in 2008. Miami-Dade County led the region with 47,672, representing 4.91% of total households.
"Foreclosure activity actually leveled off in the fourth quarter of 2008 for the South Florida region," said Serdar Bankaci, founder of Default Research. "However, we expect to see foreclosure activity remain relatively high until the third or fourth quarter of 2009."
Although the region has been one of the national leaders in terms of foreclosures over the last several years, Bankaci expects the area to bounce back very quickly when the economy recovers.
"We look forward to seeing the effects of the federal government's bailout package and interest rate cuts trickle down into the South Florida economy by the end of 2009," he said.
"As the general economy booms, we will see South Florida heat up because it is always a hot vacation spot and, when people are less hesitant to buy and credit becomes more readily available, foreclosures will offer great deals."