PBC sees foreclosure improvement, rest of South Florida struggles

TRD 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
Moses Bensusan and Costa Hollywood Resort (Credit: Wikipedia)

Embattled Costa Hollywood Resort files for bankruptcy

Mortgage lenders face mass foreclosures due to extreme weather in under-insured areas

Monad Terrace restructuring its financing amid foreclosure suit

Court allows lenders to restart foreclosures any time

South Florida’s foreclosure rate drops in first quarter: report

South Florida was home flipping king for 2015

SoFla market intel: home price appreciation slows, foreclosures fall…and more

RealtyTrac reports 2.8% vacancy among area homes

arrow_forward_ios