The Real Deal Miami

SoFla luxury home foreclosures rising

Tri-county area leads nation in high-end foreclosures
December 05, 2013 01:30PM

foreclosuresSouth Florida’s luxury residential market is certainly not immune to foreclosures.

The region led the nation in Irvine, Calif.-based RealtyTrac’s latest report on high-end foreclosure activity, the Palm Beach Post reported. Foreclosures of South Florida homes valued at $5 million and up rose from eight in 2012 to 47 in 2013. National luxury home foreclosure activity jumped 61 percent to 192 filings.

South Florida’s high-end foreclosures increased despite a drop in overall activity. Palm Beach County foreclosures declined by one percent from October 2012 to October 2013. Foreclosure activity in Florida dipped by six percent during the same span.

RealtyTrac incorporates three stages of the foreclosure process in its reports: initial filings, sale notices and auctions. The luxury report includes homes with at least $5 million in unpaid debt or a market value of $5 million or more. [Palm Beach Post]Eric Kalis