South Florida foreclosures rise as Florida leads nation in filings

Day Pitney Miami Real Estate Partner Sandra Ferrera was recently featured in the South Florida Business Journal discussing the rise in South Florida foreclosures and the financial pressures behind it. She noted that higher interest rates, insurance costs, and property taxes are straining some homeowners, particularly those who bought or refinanced when rates were low.

Ferrera said that “unless interest rates start stabilizing or going down, I do expect the acceleration [in foreclosures] to continue, especially in older condominiums and buildings that have structural issues.” Still, she added, “there are still a good number of property owners that are not overleveraged, so I don’t see [this] as a blanket collapse.”

Read the full article here.