Is the Miami Hype Waning? In South Florida, Defaulted Debt Volume Skyrockets by 100%

Day Pitney Miami Real Estate Partner Sandra Ferrera was featured in The Real Deal article "Is the Miami Hype Waning? In South Florida, Defaulted Debt Volume Skyrockets by 100%."

Ferrera commented, "The increase of the dollar volume subject to foreclosure is indeed a sign of impending trouble. Larger loans equate to bigger monthly interest rate payments and to higher property carrying costs, such as insurance, maintenance and utilities. Naturally, these landlords are feeling the squeeze. It's a trickle down effect. The higher valued properties are more susceptible in the current economic downturn." Adding, they "want to write that distress off their books first."

Read the full article here.