The Real Deal Miami

SF foreclosure sales fall 20 percent

May 26, 2011 03:53PM

There were 20 percent fewer foreclosure sales in South Florida in the
first quarter of 2011, with a total of 8,878 properties sold in the
first three months of this year. In the same period in 2010, there were a
total of 11,093 foreclosure sales, according to a report from
RealtyTrac. Natinowide, foreclosure sales accounted for 28 percent of
all residential sales in the first quarter. “While foreclosure sales
continue to account for an unusually high percentage of all residential
home sales, sales volume is well off the peak we saw in the first
quarter of 2009, when nearly 350,000 foreclosure properties sold to
third parties,” said James Saccacio, CEO of RealtyTrac. Miami-Dade
County saw the most sales, with 3,598, and Palm Beach County had just
2,060 sales in the first quarter.