Word: zalewski
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Still, those numbers are just a portion of the overall foreclosures in South Florida. Peter Zalewski, founder of Condo Vultures, projects that nearly 75,000 properties in the tri-county area will slip into foreclosure this year, up from 33,154 last year...
...Foreclosures more than doubled in '08 compared to '07, year over year," Zalewski says. Creeping unemployment, tight credit and property devaluation, where the home is worth less than the amount owed on the mortgage, all tend to indicate the problem will only get worse. "Short of a government intervention, I would envision that we continue to grow higher and higher and higher," he predicts. "I wouldn't be surprised if we approached 100,000 [foreclosures"] in 2009, short of government intervention...
...governors are stepping up to ease the problem before it gets too far out of hand, Zalewski says. "That's why you're seeing the Charlie Crists of the world and the Arnold Schwarzeneggers of the world try to take steps to impose moratoriums on foreclosures, because the problem is so overwhelming," he says, adding that a 90-day moratorium should provide homeowners with the chance to refinance their loans and will dovetail with the incoming Obama administration, which holds out hope of providing financial relief to Main Street USA. (Read Four Steps to Ending the Foreclosure Crisis...
...speculators who thought they could flip the properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty-intelligence service. "Well, at least seven years," he says before modifying his forecast yet again. "Let's go with a decade," he finally concludes...
...their loans that are in default. They're waiting to see what happens with the recent rescue plan to buy back mortgages," says Fred Arnold, president of the California Association of Mortgage Brokers. In Miami, banks can't wait to throw underwater mortgages into the government's pool. Says Zalewski, "I can see the Federal Government giving them a mulligan and allowing them to sort of do a do-over...