By TOLUSE OLORUNNIPA - Miami Herald - 09/08/2010
South Florida has been home to more than $62 billion in loan defaults and 250,000 foreclosure filings since 2007, according to a report released Tuesday by Bal Harbour-based Condo Vultures.
The region -- including Palm Beach, Broward and Miami-Dade counties -- has experienced 43,980 foreclosure filings so far this year, and a total of $11.6 billion in loan defaults.
Between January 2007 and September 2010, Palm Beach County had $18.8 million in loan defaults associated with 74,399 foreclosure filings. Broward County had $26.5 million in loan defaults associated with 110,571. Miami-Dade County had $18.3 million.
The average amount for defaulting loans in South Florida is $ $253,529.20, according to the report, based on county records.
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