Foreclosure freezes spur record declines in activity: RealtyTrac

Miami /
Dec.December 16, 2010 01:24 PM

U.S. foreclosure activity dropped to its lowest level in nearly two years in November, as the country’s biggest lenders put the breaks on their proceedings amid allegations that they’d been taking over properties without properly verifying the paperwork, according to a report from RealtyTrac released today.

The country’s 262,399 foreclosure filings represent a 21 percent month-over-month decline and a 14 percent year-over-year decline — the largest in almost six years by both measures.

Across South Florida’s three counties, there were a total of 10,203 foreclosure filings last month, down a dramatic 49 percent from the 19,961 filings recorded in October and 42 percent from the 17,726 filings in November 2009.

The area’s declines were so large in part because Florida is among the nation’s judicial foreclosure states, which are seeing the most radical effects of lenders’ foreclosure freezes. According to the RealtyTrac, initial foreclosure filings were down 31 percent month-over-month in states that use a judicial foreclosure process, compared to a mere 9 percent month-over-month decline in states that do not.

“The added element of the judicial states is, [in addition to] the lenders being more attentive to detail in processing, the judges who are reviewing these cases… all this has caused them to step up their review,” said Daren Blomquist, a RealtyTrac spokesperson. “That’s just slowing everything down.”

Bank of America, Fannie Mae and Freddie Mac have all recently announced plans to resume foreclosures, and Blomquist said he expects nationwide foreclosure activity to return to its typically higher levels sometime in the first quarter of 2011.


Related Articles

arrow_forward_ios
Clockwise: 310-318 Northwest 25th Street, Chaim Cahane, Jonathon Yormak and Jon Krasner 
Wynwood developer sells retail property in foreclosure for $12M
Wynwood developer sells retail property in foreclosure for $12M
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Southland Mall in Cutler Bay (Google Maps)
Lender takes control of struggling Southland Mall in Cutler Bay
Lender takes control of struggling Southland Mall in Cutler Bay
(The Tides South Beach via Facebook)
Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit
Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit
117 Northeast First Avenue (Getty, Gut Miami via Twitter)
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)
HSBC to take over Boca Raton office building following foreclosure auction
HSBC to take over Boca Raton office building following foreclosure auction
arrow_forward_ios

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

Loading...