The gloom over foreclosures refuses to lift in Coral Springs, as in others parts of South Florida.
“We have about 520 homes owned by banks in Coral Springs,” said Erdal Donmez, assistant manager. “It’s a fluid number. It’s a reflection of the South Florida market.”
Vice Mayor Vince Boccard believes the worst is not yet over. “We have not bottomed out. There is some way to go yet. When the residential market collapses, the commercial sector takes a hard hit, too. That is what is going to happen in the near future. It will take 18 months to three years before we climb out of this.”
The measures the city has taken to prevent foreclosures from affecting property values have proved very effective, Donmez said. “We passed an ordinance that made it mandatory for lenders to register with the city. We have [more than] 250 lenders registered now.”
“The code enforcement process was speeded up for maintenance of foreclosed properties,” Donmez said. “We have had staff from other cities come and ask us for a copy of our ordinance.”