Foreclosures continue to decline throughout the tri-county area of South Florida.
Palm Beach County had a 54 percent drop in new foreclosure filings during the first four months of 2014, according to the latest report from Irvine, Calif.-based RealtyTrac. A total of 1,529 new cases were filed.
Broward County experienced a 43 percent decline in new foreclosures during the same period. The entire state had a 34 percent reduction in filings. Florida led the nation in foreclosure rate for the seventh consecutive month, however.
South Florida’s steady foreclosure drop is tied to lower home prices than last decade’s real estate boom and more sensible lending practices, Jupiter-based housing analyst Mike Larson told the Sun-Sentinel.
“The crop of mortgages out there now is based on much sounder underwriting than those mortgages from 2004 and 2005,” Larson said. [Sun-Sentinel] — Eric Kalis