South Florida foreclosures fall again, but trending upwards

Miami /
Oct.October 12, 2011 10:53 PM

Foreclosure filings in South Florida fell in the third quarter by 62 percent compared to the same period in 2010, but signs point to an increase as banks finally begin to drive through foreclosures halted by the fall’s robo-signing scandal, according to a report by RealtyTrac.

While the third quarter represented another drastic drop on an annual basis, foreclosure filings actually increased compared to the second quarter of 2011 by almost 13 percent.

“The quarterly numbers show that over a three-month period, [filings] are increasing, and that’s not what we were seeing in previous quarters,” said RealtyTrac spokesperson Daren Blomquist.

Blomquist said that after the robo-signing crisis, in which the integrity of thousands of foreclosure files were called into question and banks froze their foreclosure processes, the state of Florida as a whole saw two straight quarters of dramatic decreases in activity.

“Now, in the third quarter, we’re seeing a 15 percent increase from the previous quarter [in Florida], so the trend has kind of turned,” he said. “Even though foreclosure numbers are still much lower than they were a year ago, we’re coming back out of that, and trending back upwards now — we’re seeing the trend reverse.”

Broward County, which saw a 62 percent drop from the third quarter of 2010, saw a dramatic 37 percent increase in foreclosure filings compared to the second quarter of this year. Miami-Dade County filings rose 13.1 percent, and Palm Beach County saw a 10 percent increase.

Compared to September 2010, South Florida foreclosure filings fell by 86 percent last month, along with a month-to-month drop of around 4 percent; the latter represented a far slower rate of decline than had been the case, however.

“The benefit of looking at the quarterly numbers is that it evens the trend out a little bit,” Blomquist said. “[It’s] evidence that this is exactly what we’ve been saying — that the market isn’t really improving [in Florida], but it’s the result of processing delays, and the banks are starting to adjust and ramp back up the speed of the processing.”


Related Articles

arrow_forward_ios
South Florida was home flipping king for 2015

South Florida was home flipping king for 2015

South Florida was home flipping king for 2015
RealtyTrac: South Florida has 54,981 vacant homes.

RealtyTrac reports 2.8% vacancy among area homes

RealtyTrac reports 2.8% vacancy among area homes
South Florida foreclosures decline again in January

South Florida foreclosures decline again in January

South Florida foreclosures decline again in January
TD Bank predicts lower office and retail vacancy in the Miami area this year.

SoFla loan originations see year-end decline

SoFla loan originations see year-end decline
South Florida home sales hit 10-year high in 2015: report

South Florida home sales hit 10-year high in 2015: report

South Florida home sales hit 10-year high in 2015: report
South Florida’s underwater homes are drying out

South Florida’s underwater homes are drying out

South Florida’s underwater homes are drying out
South Florida ranks fifth for foreclosures at end of 2015

South Florida ranks fifth for foreclosures at end of 2015

South Florida ranks fifth for foreclosures at end of 2015
The week in real estate reports

The week in real estate reports

The week in real estate reports
arrow_forward_ios

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

Loading...