I heard on the news tonight that Miamii-Dade county had over 15,000 foreclosures in the past two months, and Broward County (Ft. Lauderdale) had over 12,000 in the same time period. Not good.

A wave of foreclosures in South Florida among borrowers with shaky credit will cause the property values of nearly 1.7 million homeowners to sink an average $13,000 in Miami-Dade County, and $6,400 in Broward, a new report says.

The report released Tuesday by the Center for Responsible Lending estimates the two counties will lose more than $17.2 billion in their tax base in the coming years resulting from some 35,000 expected foreclosures among subprime borrowers.

The state of Florida could lose $23.5 billion from its tax base, the economic spillover of an expected 98,000 foreclosures coming from subprime mortgages made in 2005 and 2006. Most of those loans came with adjustable interest rates that are now resetting, accelerating foreclosures, the center said.

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