The Real Deal Miami

South Florida foreclosures keep dropping

Palm Beach, Broward counties post 54 and 43 percent declines in new cases

May 15, 2014 09:45AM

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foreclosure-300x200Foreclosures continue to decline throughout the tri-county area of South Florida.

Palm Beach County had a 54 percent drop in new foreclosure filings during the first four months of 2014, according to the latest report from Irvine, Calif.-based RealtyTrac. A total of 1,529 new cases were filed.

Broward County experienced a 43 percent decline in new foreclosures during the same period. The entire state had a 34 percent reduction in filings. Florida led the nation in foreclosure rate for the seventh consecutive month, however.

South Florida’s steady foreclosure drop is tied to lower home prices than last decade’s real estate boom and more sensible lending practices, Jupiter-based housing analyst Mike Larson told the Sun-Sentinel.

“The crop of mortgages out there now is based on much sounder underwriting than those mortgages from 2004 and 2005,” Larson said. [Sun-Sentinel]Eric Kalis

  • Broward County is experiencing a tremendous lack of inventory including foreclosures. Now is the time to BUY & also the time to SELL.

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