The Real Deal Miami

S. Florida foreclosure auctions tripled in June

Metro Miami has the highest rate of foreclosures in the U.S., according to RealtyTrac
July 11, 2013 10:00AM

Foreclosure1With the highest foreclosure rate in the U.S., Miami-area auctions more than tripled last month, Bloomberg reported.

One in 236 housing units in South Florida received a foreclosure filing in June, more than four times the national average, Bloomberg said, citing a report by Irvine, Calif.-based RealtyTrac.

The frequency of large auctions reflects the state’s effort to push through foreclosure proceedings and clear a judicial backlog, according to RealtyTrac.

The report stands in stark contrast to the analysis earlier this week of local real estate consultancy Condo Vultures, which found that foreclosures in South Florida fell 9 percent in the second quarter compared to a year earlier, as TRD previously reported.

Private equity giant Blackstone and other investors are buying distressed assets – often single-family homes with between one and four households – to convert them into rentals amid soaring prices and low inventory. [Bloomberg]Emily Schmall