South Florida’s Real Estate Market Still Ranks High in Delinquencies and Foreclosures, But The Market is Showing Signs of Improvement

house_for_sale.jpgBanks had been holding off on increasing the number of foreclosure filings in light of all sorts of paper work issues, including robo-signing allegations.

Even with banks holding back on foreclosure filings South Florida still ranked 10th nationally in foreclosure filings for the third quarter. Palm Beach, Broward, and Miami-Dade counties had 24,767 homes in some stage of foreclosure from July through September, up 11% from a year earlier. Nonetheless, Florida had the nation’s highest foreclosure rate in the nation.

In Miami-Dade County, the 90-day mortgage delinquency rate decreased, with 22.89% of mortgage loans being 90 days or more delinquent compared to 25.45% for the same period last year, representing a decrease of 2.56%.

On the other hand, the real estate market continues to show signs of improvement. Contracts for future construction projects in South Florida increased by 66% through the first nine months of 2012 compared to the same period last year.

Non-residential contracts, including commercial and manufacturing, grew 43% to $1.99 billing through September. Contracts for future residential saw the most growth, recording a 90% leap to $2.4 billion.

As for the overall health of the nation’s current real estate market, a lot still depends on the economy of the whole. The economy is still not producing jobs fast enough to aid the nation’s housing market.

Additionally, continued improvement in home sales and home prices will depend heavily on the volume of foreclosed homes in the housing market. Recent housing data suggests that many lenders have barely made a dent in the overall inventory of foreclosed homes.

As such, there is no question that this is a buyer’s market. Indeed, South Florida’s real estate market has picked up some steam recently due in large to foreigners investing in South Florida.
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