Miami Beach hotel heads to foreclosure auction
The number of properties with foreclosure filings in Miami-Dade, Broward and Palm Beach counties rose 3.5 percent in November compared to the same period in 2011, according to data released today by RealtyTrac. There were a total of 9,477 properties with some form of foreclosure filings, up from 9,157 in November 2011. Miami-Dade County led the way with 4,920 filings, more than the combined total of those in Broward and Palm Beach. National foreclosure filings fell by 19 percent in the same period, with foreclosure starts (initial filings) reaching a 71-month low. “Foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “We’re likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings.” — Alexander Britell
