S. Florida foreclosures plummet from a year ago

Foreclosures have fallen sharply but the pace has quickened in Miami-Dade

TRD MIAMI /
Sep.September 04, 2013 10:00 AM

While South Florida saw only about a quarter of the foreclosures in August as in 2012, foreclosures in Miami-Dade County are occurring at a faster place than they were a year ago, real estate consultancy Condo Vultures said.

Some 1,558 notices of default were sent to homeowners in the tri-county region in August, a 68 percent drop from the same period a year ago, Condo Vultures numbers show.

Broward County saw the most action with 611 notices of default, down from 1,511 notices in August 2012; followed by 585 notices in Miami-Dade, compared to 2,048 notices a year ago; and 362 notices in Palm Beach, a 71 percent decrease from the 1,264 notices filed there the year before.

More than 29,500 foreclosures have been initiated on South Florida homes since the beginning of 2013, according to the consultancy’s foreclosure database, compared to more than 31,300 by this time last year.

Foreclosures had slowed in recent years following the “robo-signing” scandal, in which companies were found guilty of forging homeowners’ signatures on bank documents, but spiked again following a February 2012 agreement among states and the nation’s five largest mortgage lenders to provide about $25 billion in relief to borrowers. – Emily Schmall


Related Articles

arrow_forward_ios
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
3601 North Miami Avenue with Francisco Arocha

Midtown Miami development site in foreclosure hits the market

Midtown Miami development site in foreclosure hits the market
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

Florida allows eviction moratorium to expire

Florida allows eviction moratorium to expire
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Gov. Ron DeSantis extended the moratorium on residential evictions and foreclosures in Florida to October 1st (Credit: iStock)

Florida extends evictions and foreclosures ban to October

Florida extends evictions and foreclosures ban to October
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
arrow_forward_ios

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

Loading...