The Tides on Hollywood Beach ranks as the South Florida project with the most new foreclosure actions filed in the first quarter of 2009, according to a new report by Condo Vultures LLC.

Lenders moved to repossess 44 condo units with outstanding loans of more than $13 million in the first quarter.

The three-tower Beach Club project ranked No. 15 in the tri-county region, with 24 new foreclosure actions based on outstanding debt of $13.1 million, according to the report.

The only other waterfront project on the top-20 list is the Mirador condo conversion in South Beach. In the first quarter, lenders filed foreclosure actions again 22 units with outstanding debt of more than $7 million.

"Our data shows that 11 of the top 20 condominium and townhouse projects in South Florida with the greatest number of foreclosures are concentrated in Broward County," said Peter Zalewski, a principal with the Bal Harbour-based real estate company.

Palm Beach County ranks second, with six projects on the top-20 list, while only three projects are located in Miami-Dade County, he said.

More than 25,000 foreclosure actions were filed in the tri-county region between January and March, with an estimated value of more than $6 billion in outstanding debt, according to the report.

Condominiums and townhouses account for 7,332 of the foreclosure actions valued at nearly $1.4 billion.

Broward County had the most foreclosure actions in the first quarter against condo and townhouse projects, with 3,093 filings valued at $551 million.

Miami-Dade County ranks second, with 2,570 actions worth $571 million.

Palm Beach County ranks third, with 1,669 actions valued at $257 million.