Foreclosure Slowdown Continues in Miami and South Florida

foreclosure zzz.jpgMiami continues to lead the three counties in South Florida in foreclosures. In May, Miami had 1913 foreclosures, with Fort Lauderdale logging 955 and West Palm Beach reporting 747 new foreclosures.

But if there is some good news in those numbers it is that those numbers are way down when compared to the same period last year. Foreclosure activity has slowed down in the recent months. The slow down is a direct result of allegations of robo signing, fraud, documentation errors, issues with process servers, problems servicing loan modifications, and other similar issues, have prompted many lenders to slow down the foreclosure process which in turn has slowed down the housing recovery.

On the other hand, and in May, South Florida’s three counties combined to produce more than 6600 foreclosures. Miami Dade county had 2768 new foreclosures, a drop of more than 60%, year-over-year, while Broward county had 1872 new foreclosures and Palm Beach county had 2006. Moreover, the inventory of properties in foreclosure has also declined during the past six months.

But foreclosure processing delays continue to mask the true face of the foreclosure situation. Nationally, foreclosure activity declined, with foreclosure filings i.e. default notices, scheduled auctions, and bank repossessions, reported a 2% decrease from April and a 33% decrease from May of 2010.

Reports also show that one in every 605 household nationally received a foreclosure filing during the month of May.

And despite a 62% decrease from May of 2010, a total of 19,192 Florida properties received a foreclosure filing in May, the second-highest a total nationally.
Consider Your Options. Contact Us Today.

We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.

Call us today toll free at 1-866-518-2913 or at 305-263-7700.