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The slick real estate professionals who congregate each Friday night at the waterfront restaurants in Miami’s financial district seem unaware or unconcerned that they are relaxing near a crime scene.
Outside, in the shadows, is a parade of pristine condominiums. Several of these have among the highest rates of foreclosure in the city, according to analysis by Condo Vultures, a real estate broker in the distressed sector of the market.
Three buildings in the Brickell area saw 166 units go into foreclosure last year with borrowers owing a total of $120m (£59m, €77m) on the properties.
These unusually high default rates have attracted the attention of fraud investigators. “There’s not just one or two cases [of mortgage fraud] in each building – there are 10 or 15,” said Lucas Lechuga, a Miami real estate broker. “It’s a lot more widespread than people thought.”
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