New Foreclosures In South Florida Down In November

Dated: December 15 2014

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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.
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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 ....

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