Mortgage foreclosure filings in South Florida

As we expected, mortgage foreclosure filings are ramping-up once again.  They were gaining momentum throughout 2017 until Hurricane Irma, when FEMA placed a 90-day hold on foreclosure filings.   That led to the annual “holiday hold”, so it looks like the banks are getting back in inaction.  Many of these cases have been lingering since the 2008 financial crisis.  Thanks to the failed mortgage bailout programs (too many to list) and the innate ability of South Floridians to game the judicial foreclosure system, we continue to wrestle with this problem.  Let’s take a look at the overall picture of monthly filings that have been recorded as of April 4th, 2018.  As always, we will update the data if it changes.

South Florida Mortgage Forelcosure Filings

Mortgage foreclosure filings in Miami-Dade

New filings throughout Miami-Dade County appear to be making a strong comeback and gaining momentum as we move through 2018.

Miami Foreclosure filings

Here is a look at the annual numbers and monthly averages in Miami:

Annual Monthly Change
2015            4,638              387
2016            6,855              571 48%
2017            5,393              449 -21%
2018            1,403              468 4%

Mortgage foreclosure filings in Broward County / Greater Fort Lauderdale area

Mortgage forelcosure filings in Fort Lauderdale

Here is a snapshot of the annual and monthly numbers for Broward County Florida:

Annual  Monthly Change
2015            3,356              280  
2016            5,044              420 50%
2017            5,228              436 4%
2018                908              303 -31%

Moving on North to Palm Beach County

Filings continue to climb up in Palm Beach County also as we move into the second quarter of 2018.

Mortgage foreclosures - Palm beach Florida

And for the summary of annual and monthly averages in Palm Beach:

Annual  Monthly Change
2015            1,706              142
2016            3,295              275 93%
2017            2,450              204 -26%
2018                545              182 44%

The South Florida residential real estate market may have reflated after the crisis, but it has not fully recovered.  There are still thousands of houses and condos in the “shadow inventory” that may eventually hit the market.  In addition, property owners may be using their homes as ATM’s once again.  Here is a link to a recent article about home equity posted on CNBC.com: Home Equity article

 

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