South Florida Foreclosures Top $14 billion As Lehman Pursues $91 Million In Problem Loans

Bankrupt investment firm Lehman Brothers is foreclosing on nearly $91 million in problem South Florida loans, an amount that represents nearly 1 percent of the regional total foreclosure value through the first three quarters of 2008, according to a new report from Condo Vultures® LLC.

Most of Lehman Brothers’ bad loan amount is in Miami-Dade County, where $90 million worth of financing is in default. An additional $596,000 in residential financing is in default in Palm Beach County, and $355,000 in residential financing in Broward County, according to the Bal Harbour, Fla.-based consultancy that generated the report based on circuit court records. <

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