Foreclosure Datapoint of the Day

From Barry Ritholtz’s Florida correspondent:

There is currently an 8-10 month wait to get a court date to have a foreclosure filing heard in Dade and Broward counties…

As one broker said to me, "these bums sitting in $3,000,000 homes overlooking the water are likely to be left alone by the banks for 2 years before the banks even get serious about foreclosure."

Homeowners who’ve defaulted on their mortgages are going to stay in their homes until they can’t any more, that’s true no matter the value of those houses. But the banks certainly seem to be in no hurry to foreclose.

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