The Real Deal Miami

Miami-Dade lifts South Florida foreclosures

Foreclosures rose 15 percent by May 31 compared to a year ago, Condo Vultures data show
June 04, 2013 12:00PM

Courtesy of Condo Vultures

Courtesy of Condo Vultures

Foreclosures in South Florida rose 15 percent to 21,016 from a year ago on the weight of activity in Miami-Dade County, Condo Vultures statistics show.

In Miami-Dade, there were 8,243 foreclosures as of May 31, a 76 percent jump from the 4,687 foreclosures as of the same date a year ago. Foreclosures slightly declined in Broward and Palm Beach, to 8,229 from 8,808 and 4,544 from 4,761 in the respective counties.

There were 3,871 foreclosures in South Florida last month, a 1 percent decline from the 3,927 foreclosures recorded in May 2012.

In February, 42.2 percent of Miami-area real estate sales – about two-thirds of which were all-cash deals — were of “distressed” properties in some stage of foreclosure, nearly double the 23 percent of total sales distressed properties accounted for in February 2012, Miami Association of Realtors data show. –Emily Schmall