Foreclosure cases eased in 2009

From The Real Deal

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The number of new foreclosure cases involving property in South Florida leveled off last year, according to a market report.

Default Research, a data collection firm based near Pittsburgh, Pa., found that the initiation of foreclosure cases in South Florida decreased last year after soaring for two years.

"What we deal with is the initial foreclosure proceedings, which is the lis pendens," or notices that litigation is pending, said Serdar Bankaci, CEO of Default Research. "We basically track properties that are initially being foreclosed upon."