New Foreclosures In South Florida Down In November

Dated: December 15 2014

Views: 594

Good news: New foreclosure cases in South Florida dropped 22 percent in November from a year earlier.

Yet Florida retained its dubious ranking as the state with the highest foreclosure rate in the country, according to a report Thursday from listing firm RealtyTrac.In Palm Beach County, lenders filed 331 new foreclosure cases in November, down 40 percent from a year earlier.

In Broward County, lenders filed 456 new cases for the month, up 2 percent from the previous year, RealtyTrac said.

For the tri-county area, including Miami-Dade, new cases fell to 1,759 in what one real estate executive called the final stretch in recovery for the area's "distressed real estate.""It is encouraging to see a 22 percent overall decline in our region," said Mike Pappas, CEO and president of the Keyes Co. covering the South Florida market, of November's foreclosure filings.

Still, some analysts predict new foreclosure cases will tick up in South Florida, as lenders adjust to the state's foreclosure law that took effect last year. Some newer borrowers are feeling the squeeze from rising costs for food and other household expenses combined with stagnant wages.Recent declines in South Florida foreclosure filings "area little too good to be true," said Daren Blomquist, vice president at RealtyTrac.

Statewide, a 15 percent drop in foreclosure activity in November could not keep Florida from once again posting the nation's highest foreclosure rate — one in every 462 housing units with a foreclosure filing. Florida has registered the highest foreclosure rate for 13 of the last 14 months, RealtyTrac said.
Nationwide, the housing market continues to struggle to find the "new normal" for a "tolerable level" of foreclosure activity in the recovery after the Great Recession, said Blomquist. "Finding that new normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery."

Staff writer Paul Owers contributed to this report.
Blog author image

Angelo F. Terrizzi Jr.

I am a New England native, born and raised in the Boston area. Growing up, I was always involved with extra-curricular activities through school and church. I spent 30+ years in Business and later in ....

Want to Advertise on this Site?

Latest Blog Posts

Selling A Home

Selling a home can be a difficult task for even the most seasoned of sellers. There is so much that goes into the process of placing a property on the housing market. First, the owner needs to get

Read More

Dear Homebuyers Please Stop Thinking You Need 20 Percent Down

NEW YORK – Feb. 18, 2019 – First-time buyer surveys consistently show the top hurdle to homeownership is saving up for the downpayment. But potential home shoppers may be misunderstanding the

Read More

Green Building At All Time High In Nations Largest Metros

LOS ANGELES – Aug 24, 2018 – The nation's largest cities are getting greener, according to the fifth annual U.S. Green Building Adoption Index by CBRE and Maastricht University.

Read More

Easy Deep Cleaning Tips

These are great hacks to cut your time and energy in half. Soap Scum in the Tub - Cut this backbreaking effort in half by attaching a scrubber to a power drill and using it to do the scrubbing for

Read More