Summertime spike in foreclosure activity

Foreclosure activity has been heating up in South Florida this summer and all three counties have seen a year over year increase in monthly filings.  The monthly average of new foreclosure filings has increased 60% in 2016 to 1,277 per month, while the monthly average was only 796 for 2015.  These filing numbers are a clear contradiction to the the chatter from housing market “bulls” that have been touting market strength.

Foreclosure Activity in South Florida

South Florida foreclosures

Foreclosure Activity in Miami-Dade County

Here is a look at the single-family and condo filings in Miami-Dade County where the average monthly filings has increased 42% in 2016 to 550, up from a monthly average of 387 during 2015.

Miami-Dade foreclosure filings

Foreclosure Activity in Broward County

Let’s head North up to Broward County to see how the numbers look.  In 2016, the average monthly filings have increased 58% to 442, up from 280 during 2015.

Broward foreclosure filings

Foreclosure Activity in Palm Beach County

Finally, Palm beach County has seen a whopping 101% increase in monthly foreclosure filings in 2016 over last year.  So far this year, the monthly average is 285, while the 2015 average was only 142.

Palm beach foreclosures

We have discussed the distressed real estate market in South Florida at length since the financial crisis.  What we have noticed is that the artificially low interest rates have not assisted the distressed borrowers that needed the most help.  There is still a large overhang of distressed residential properties that have been in and out of the foreclosure process over the past eight years.   A true housing recovery is built on a firm foundation, not merely by reflating asset prices with hopes that higher prices will repair the underlying issues.  As the South Florida residential market begins to cool after the latest fed-induced bubble, the cracks in the foundation will not only become more evident, but they will continue to grow.  Don’t believe they hype!

This entry was posted in Foreclosure activity, Fort Lauderdale foreclosures, Miami foreclosures, Palm Beach foreclosures, South Florida Real Estate and tagged , , , , , . Bookmark the permalink. Trackbacks are closed, but you can post a comment.

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