The Real Deal Miami

Florida foreclosures expected to cool down in 2014

January 06, 2014 03:45PM

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Sharon Bock and Peter Ticktin

Residential foreclosures dating from the recession might be coming to an end this year in Florida. Deerfield Beach foreclosure defense firm Ticktin Law Group, for example, said it has seen a decline in mortgage foreclosure defense cases.

“By this time next year, almost all of the mountain of foreclosures is going to be a memory,” Peter Ticktin said.

In Palm Beach County, there were 643 new foreclosure filings in November, a 46.7 percent year-over-year drop.

“If current trends hold, Palm Beach County will see approximately one-third fewer foreclosures filed [in 2013] than were filed in 2012,” Clerk and Comptroller Sharon Bock told Daily Business Review.

Banks that sped up a mortgage with a default notice back in 2008 now must acquire a foreclosure judgment to do so. Banks did not hurry last year to file foreclosure motions ahead of the statute of limitations kicking in, as some real estate experts had expected. [Daily Business Review]Mark Maurer

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