The number of new foreclosure cases involving property in South Florida leveled off last year, according to a market report.
Default Research, a data collection firm based near Pittsburgh, Penn., found that the initiation of foreclosure cases in South Florida decreased last year after soaring for two years.
“What we deal with is the initial foreclosure proceedings, which is the lis pendens,” or notices that litigation is pending, said Serdar Bankaci, CEO of Default Research. “We basically track properties that are initially being foreclosed upon.”
Default Research found a 13.6 percent decline last year in the number of foreclosure cases initiated by mortgage lenders in Miami-Dade, Broward and Palm Beach counties last year, following comparable year-over-year increases of 195 percent in 2008 and 177 percent in 2007. [more]