PBC sees foreclosure improvement, rest of South Florida struggles

Miami /
Jun.June 10, 2010 12:00 AM

In South Florida, only Palm Beach County showed a slowdown in its foreclosure activity in May, according to national foreclosure research firm RealtyTrac’s monthly market report, released today.

Palm Beach County saw a 21.29 percent drop in the number of foreclosures from May 2009, and a 1.98 percent month-over-month decline. The county also had the least number of foreclosures, 2,977, or one in every 215 households.

Foreclosure filings include default notices, scheduled auctions and bank repossessions.

Broward saw 6,719 foreclosure filings reported in May — the equivalent of one in every 120 households. This marked a 40.67 percent increase over the number of reported foreclosure filings in May 2009 and a 5.82 increase over April’s foreclosure filings.

Miami-Dade saw a total of 7,696 homes foreclosure filings in May, or one in every 127 households. While the county’s foreclosure filing rate stayed relatively flat year-over-year, decreasing .99 percent, it showed a marked uptick of 31.13 percent from April.

Nationwide, default notices were on the decline in May, the report says, although not dramatically, while the number of bank repossessions continued to climb. A reported 322,920 properties saw foreclosure filings in May, marking a less than 1 percent increase compared to May 2009, and a 3 percent month-over-month decrease.

Last month saw the smallest number of default notices filed since November 2008. A total of 96,462 properties received default notices in May, marking a 22 percent decrease from May 2009 and a 7 percent decrease from April.

Bank repossessions, meanwhile, hit a record monthly high, with 93,777 cases recorded. The figure marks a 44 percent year-over-year increase and a 1 percent month-over-month uptick.

 

Related Articles

arrow_forward_ios
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Branden Muhl, James Vosotas and Hotel Greystone at 1920 Collins Avenue, Miami Beach (Google Maps, Mahaska, Trans Inns)
Hotel Greystone to reopen in September amid partnership break-up
Hotel Greystone to reopen in September amid partnership break-up
Grand Hotel Fort Lauderdale and Sheridan Capital's Aaron Kurlansky (Facebook via Fort Lauderdale Grand Hotel)
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Variety Hotel (iStock)
Miami Beach hotel heads to foreclosure auction
Miami Beach hotel heads to foreclosure auction
Developer Louis Birdman (One Thousand Museum, Getty)
One Thousand Museum developers score $90M refi to stave off foreclosure
One Thousand Museum developers score $90M refi to stave off foreclosure
A rendering of the the property at 3601 North Miami Avenue and HES Group CEO Francisco Arocha (Photos via HES, Francisco Arocha)
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...