Surge in Miami Foreclosure Activity

Foreclosure_sign3.jpgFlorida’s foreclosure rate remains the third highest in the country. But in terms of foreclosure filings, Florida had the second highest rate in the country. During the first six months of the year, there were 277,073 foreclosure filings in Florida. That is a 9% decrease from the prior 6 months, but a 3% increase for the first 6 months of 2009.

Locally, Miami-Dade County had 38,395 foreclosure filings. That amounts to 1 in 26 residences being placed in foreclosure. Miami-Dade County had an 11.5% increase of foreclosure filings in the first 6 months of this year as compared with the first 6 months of 2010.

In Broward County, there were just under 38,000 foreclosure filings, amounting to 1 in 21 homes in foreclosure. Broward County also experienced a 4% increase of foreclosure filings in the first 6 months of this year as compared with the first 6 months of 2010.

In Palm Beach County, there were 18,083 foreclosure filings, or 1 in 35 homes in foreclosure. Palm Beach County also experienced a 26% increase of foreclosure filings in the first 6 months of this year as compared with the first 6 months of 2010.

Banks also moved aggressively to repossess property in South Florida during the first 6 months of the year. During that time, banks took back an average of 4,000 South Florida properties, up 83% from the first half of 2009. In Miami-Dade County, there was a 125% increase in bank repossessions during the first 6 months of this year as compared with the same time period last year. Indeed, all these home repossessions are contributing to the continued decrease of prices in South Florida.

It becomes important to consult with an experienced foreclosure defense attorney to understand your rights. We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.