Allied Realty Group Blog

Winds of change

Winds of change are blowing through the South Florida residential real estate market.  As we move through 2018 it appears that transaction volume is declining.  After several months of slower sales volume, you will typically start to see price declines.  Local real estate agents are usually slow to see the change in the market and even slower to notify their clients that they will need to lower their selling price.  Here is a look at the monthly average sales volume in South Florida from 2012 up until the present:

Winds of change - deal volume drops

As you will notice from the chart above, 2015 was a big year for residential transaction volume in the South Florida since the financial crisis.  The monthly average of residential transactions was 8,034 in 2015 and has been dropping each year since then.  here is a look at the numbers for each year:

Year Monthly Average
2012         7,167
2013         7,598
2014         7,603
2015         8,034
2016         7,581
2017         7,352
2018         6,114

The first quarter of each year is usually slower than others and you will see that in this next chart that breaks the numbers into single-family homes and condo sales throughout Miami-Dade, Broward and Palm Beach County.

Winds of change

Winds of change in rates

Interest rates have climbed, but still remain reasonable.  We have repeatedly stated that markets may not feel the pressure until the 30-year mortgage rate surpasses 3%.  Until then, party on!

Winds of change - mortgage rates

Winds of change in prices?  Not yet.

Prices have been reflated thanks to crisis level low rates for the past 8-9 years.  We will eventually see if this echo-bubble in prices deflates.  If it does, it will likely begin in 2018.

Winds of change - house prices

In February 2018, the median prices for single-family homes in South Florida by transaction type were as follows:

  • Traditional sale – $343,450
  • Foreclosure / REO – $250,000
  • Short sale – $255,000

As for the condo prices, the distressed sales look like they are getting battered and traditional sales are holding-up for now.  We do expect the excessive inventory hitting the market may put downward pressure on prices as we move through 2018.

Winds in condo prices

In February 2018, the median prices for condo properties in South Florida by transaction type were as follows:

  • Traditional sale – $186,750
  • Foreclosure / REO – $130,000
  • Short sale – $141,500

Over the next few months, we should be able to confirm that this latest real estate cycle has peaked.  All signs are pointing to “yes”, especially with this latest news that Zillow is entering the house flipping market Zillow wants to flip homes .  If that isn’t a sign of the top, I’m not sure what is!

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Spring is in the air

Spring has arrived in South Florida, which means it is slightly warmer than winter and not as hot as summer just yet.   Our charts of the Miami-Dade, Broward and Palm Beach residential real estate market are shaping up nicely, so let’s get cracking on them.

A glance at prices as we move into spring

Here is a quick look at the average sale prices of single-family homes throughout South Florida.  As of February, the average sale price for each county was as follows:

  • Miami-Dade – $531,889, up from $465,672 in January
  • Broward – $431,771, down from $453,087 in January
  • Palm Beach – $594,330, down from $606,112 in January

Spring is here in South Florida

As for the condo market in South Florida, here is a summary of the average sale prices by county for February:

  • Miami-Dade – $435,262, up from $406,131 in January
  • Broward – $158,000, down from $213,193 in January
  • Palm Beach – $258, 179 down from $261,987 in January

Spring into condo market

Spring is usually “buying season”

If you look back at 2017, there was a significant jump in transaction volume for houses in South Florida.  We will see if the spring this year has similar strength.

Deal volume for houses in spring

As for the condo market, we are waiting to see deal volume pick up.

Spring buying in condos?

Here is a quick snapshot of the transaction volume for houses and condo properties in Miami-Dade, Fort Lauderdale and Palm beach County Florida since last May:

 

Transaction volume in South Florida
Houses Condos
May-17                            4,691                          4,450
Jun-17                            4,893                          4,155
Jul-17                            4,119                          3,553
Aug-17                            4,147                          3,610
Sep-17                            2,735                          2,738
Oct-17                            3,455                          3,129
Nov-17                            3,305                          3,167
Dec-17                            3,743                          3,567
Jan-18                            2,957                          3,023
Feb-18                            3,060                          3,188

The next data point that we have been keeping an eye on is the pace of new residential foreclosure filings throughout South Florida.  A few weeks ago, we provided a South Florida residential Foreclosure update

Here is the latest chart and data.  It is clear that this market is still plagued by plenty of distressed properties.

Spring-time jump in defaults

South Florida foreclosure filings by the annual and monthly numbers:

Annual Monthly Change
2015         9,557             796
2016      15,194          1,266 59%
2017      13,071          1,089 -14%
2018         2,948             983 -10%

Last week we read an interesting article on CBS Marketwatch about people using their houses as ATM’s Housing ATM…again?  We have discussed repeatedly how the low interest rates for nearly a decade have enticed borrowers to take on tremendous debt loads.  Time will tell how this plays out!

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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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Line in the sand

The South Florida condo market appears to be crossing a crucial line in the sand.  During the month of February, the number of condos listed for sale reached 31,137.  That surpassed the recent high of 31,055 condos listed for sale in February of 2017.  Prior to that, we have to look back to June of 2011 when condo inventory was at 31,398.  That was after the financial crisis when the market was flooded with distressed properties.  Take a look at the red line in this chart below.  Basically, if this inventory doesn’t sell during the spring, it will continue to build toward crisis levels.  Is it time to lower the tower cranes in South Florida?

Line in the sand - Florida condo bubble

Line in the sand – South Florida condo inventory

This chart shows the condo inventory without single-family homes.  Is it time to panic?  Miami-Dade, Broward and Palm Beach County just surpassed the recent high set last February in condo inventory for sale.

Condo bubble part 2 in South Florida

Each line shows condo transactions by type

Here is a chart showing the types of condo transactions closing.  In February there were 3,188 closed sales, up slightly from 3,023 in January.

Condo foreclosure, short sales, traditional sales volume

And here is a snapshot of the combined deal volume.  You will notice that there was a strong buying spree last winter and spring.  Last March, April and may were big months for the South Florida condo market.  Will that enthusiasm return this year?  Builders are hoping it does, if not you will continue to see inventory of unsold condos grow and prices will begin to suffer.

Condo sales in South Florida Miami Fort Lauderdale Palm Beach

Median Sale Prices for South Florida Condos

How are prices holding up?  During the month of February, the median sale prices by deal type were as follows:

  • Traditional sale – $186,750, up from $185,000 in January
  • Foreclosure sale – $130,000, down from $136,500 in January
  • Short sale – $141,500, up from $136,500 in January

Condo prices Miami, Fort Lauderdale & Palm Beach Florida

The condo market is on the main stage and we are all watching to see if it flips or flops.  Although many speculators and investors pay cash, there are still plenty of buyers relying on mortgage financing.  Have you checked mortgage rates lately?  Here is a quick link to Bankrate  with some excellent mortgage tools for buyers in the market for a loan.  They have the latest rates offered by lenders and some nifty calculators as well!

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Taking a look at the Fort Lauderdale foreclosure market

It has been awhile since we have provided a foreclosure update with a city by city count of properties.  Today we will run through Broward County.   Our first chart shows how each city stacks up.  Although many of these properties will not make it to the market, there are 5,911 houses and condos in some stage of foreclosure scattered across the area.  Fort Lauderdale, Miramar, Hollywood and Pompano Beach lead the list.

foreclosure snapshot broward county florida

Foreclosure count by city

Here is a look at how many houses and condo properties currently have a mortgage foreclosure filing on them in Fort Lauderdale and the surrounding areas as of our latest count on March 11, 2018:

Houses Condos
Fort Lauderdale                      525                  84
Miramar                      690                  61
Hollywood                      353                101
Pembroke Pines                      501                  46
Pompano Beach                      265                  72
Deerfield Beach                        81                  31
Oakland Park                        96                  36
Wilton Manors                        32                     4
Weston                      166                  24
Plantation                      193                  60
Coconut Creek                      110                  39
Margate                      194                  33
Davie                      142                  41
Hallandale Beach                        37                  60
Coral Springs                      294                  69
Parkland                        73                     1
Lauderhill                      185                134
North Lauderdale                      180                  13
Lauderdale Lakes                        97                  49
Tamarac                      147                  73
Dania                        23                     8
Cooper City                        83                   –
Lighthouse Point                        19                     2
Sunrise                      314                  70
Total                   4,800            1,111

Monthly foreclosure filings in Broward County

The pace of new mortgage foreclosure filings took a break during the fourth quarter of 2017 due to the FEMA hold on filings.  New filings have been slow to start 2018, but we expect them to move higher as we move through 2018.

Fort Lauderdale foreclosure filings

Here is a quick look at the number of annual filings in Broward County and the monthly averages going back to 2015:

Annual  Monthly Change
2015            3,356              280
2016            5,044              420 50%
2017            5,228              436 4%
2018 (Jan,Feb)                508              254 -42%

 

How does Broward County compare to Miami-Dade and Palm Beach?  Take a look at this next chart.  The sharp decline across the tri-county area took place in September after Hurricane Irma.  We don’t know how long it will take to resume the prior pace, but stay tuned and we will continue to provide updates.

foreclosures in miami, fort lauderdale palm beach

Delinquency rate – national

Here is a great FRED chart (St. Louis FED) showing the national mortgage delinquency rate back to the financial crisis and through the end of 2017.  South Florida is a different animal than the national snapshot and we continue to wrestle with foreclosures long after the crisis.  Mortgage Delinquency – National

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Deal or no deal?

Deal volume appears to be on the decline in the South Florida residential real estate market.  This could be seasonal, but it may also be due to higher rates finally having an impact.  The process of interest rate normalization may result in some real estate market changes, so you may want to prepare yourself.  Our first chart today shows the annual transaction volume for the Miami-Dade, Broward and Palm Beach County residential market.

Deal Volume South Florida residential

Next we have a snapshot of the annual sales numbers for houses and condo properties.  As we have noted in previous posts, 2015 was the big year for transaction volume.  Deal flow declined in 2016 and 2017.  When you look at our chart of rates you will see how borrowing costs moderated in 2015 and 2016.

                Year       Annual Total       Monthly Average
                2012           86,001                   7,167
                2013           91,180                   7,598
                2014           91,239                   7,603
                2015           96,411                   8,034
                2016           90,974                   7,581
                2017           88,227                   7,352

Deal prices in South Florida

Average sale prices have remained lofty and we will see if the latest rally in mortgage rates begins to take a bite out of prices.  During the month of January, the average sale price of a single-family home in South Florida was $513,922 and the average sale price of a condo property was $288,302.

Real estate deal prices in South Florida

Deal by transaction type – single family homes

The trend in sales for single-family homes looks like it is on the decline in South Florida.  During the month of January, residential sales dropped 21%  from 3,743 in December to 2,957 in January.

Deal type south florida houses

Deal by transaction type – condo properties

Transaction volume in the condo market declined 15% from 3,567 sales in December to 3,023 in January.  You may notice from the chart that the month of January usually has weak volume, so it will be interesting to see if the market rebounds over the next few months.

Deal volume for condo properties

Deal before rates stun the market

Mortgage rates continue to be the hot topic.  The lending environment has been very favorable for almost a decade and that may be changing.  This next chart illustrates the past five years of mortgage rates and the ten year bond yield correlation.  This week the mortgage market revisited rates that we haven’t seen in nearly five years.  The last big move in rates was a result of the taper tantrum back in May of 2013.  The impact of this latest move in rates may take a few months to show up in the real estate market, but there is a good chance you are already seeing properties lag on the market and prices decline.

Deal on mortgage rates

If you are in the market to buy property, an excellent resource for updated rate information is the Freddie Mac website. Freddie Mac  They have rates with estimated fees/points and an interactive chart also, so check it out!

 

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Performing under pressure

Residential real estate has been performing just fine throughout the “easy money” economic environment of the past decade.  Now that rates are finally climbing, you will begin to see how South Florida house and condo prices perform under pressure.  The most recent spike in rates has probably shaved at least 10% off residential real estate prices, but sellers and their trusted real estate professionals may not have received the memo just yet.

Pressure from higher rates

performing under pressure - mortgage rates

We have been watching the ten year bond yield for a very long time and it looks like we are finally prepared for takeoff.  It crossed the 2.63% mark and is headed for 3.00%.  If we see a close over 3.03%, you better get your space suit on because it will be going much higher and causing some serious pain to all asset classes.

Pressure on housing prices

Everything has been great for residential real estate prices and here is a chart showing the numbers through January 2018, prior to the latest move upward in rates.  If you look at the Miami-Dade, Broward and Palm Beach market, the average sale price of a house was $513,922 in January and the average sale price of a condo was $288,302.  It’s interesting to see that the average sale price of a South Florida condo has been unable to pierce the $300k level since the last crash, so it’s safe to say that it won’t make it during this cycle.

Pressure on South Florida residential real estate

Most residential agents simply don’t realize that the market has changed.  You may not have noticed yet, but you may start to see the following over the next several months:

  • At least a few months of denial from agents that the market has changed
  • Longer days on market for residential properties due to refusal to adapt to new pricing
  • Reluctant decreases in list prices by agents
  • Out of frustration, agents will cancel and relist properties so that they appear “new to market” in the MLS
  • Transaction volume will start to decline month over month
  • Lower closing prices

Pressure from foreclosures

There is a good chance that nobody else is talking about this, but foreclosures are still an issue in Miami-Dade, Broward and palm Beach County Florida.  During 2018 we should see the pace of new foreclosure filings ramp-up once again.  It has been over a decade of fits and spurts and plenty of residential properties in South Florida still have foreclosure suits pending.  Our next chart clearly shows the latest foreclosure halt by FEMA in the fourth quarter of 2017 due to Hurricane Irma.  Banks are finally bouncing back after that.

Pressure from foreclosures

Pressure from declining sales volume

Deal volume is down in January, with a total of 5,980 closed sales.  December had 7,310 closed sales.  Some of the slowdown may be seasonal, but market headwinds may prevent a rebound.  Here is a look at the annual totals and averages going back to 2012.  It looks like 2015 was the big winner, followed by two consecutive annual declines.

    Annual              Avg
2012      86,001              7,167
2013      91,180              7,598
2014      91,239              7,603
2015      96,411              8,034
2016      90,974              7,581
2017      88,227              7,352

Pressure of sales volume in South Florida real estate

Pressure from new residential inventory

Supply has been low, but that should change over time.  As existing properties become “stale” on the market, new inventory will be added.  Once sellers realize they may have missed the market already, the fear of missing out (FOMO) will quickly flip from the buying to selling side.  Right now, the inventory doesn’t look too bad.  In January there were 18,729 houses and 30,419 condo properties available for sale in the tri-county area.  This was a total of 49,148 total properties.  We won’t sound any alarms until we cross 50,000 residential properties on the market.  In the interim, get used to seeing your neighbor’s property sitting on the market for awhile as their agent scratches their head while refusing to lower the price.

Houses and condos for sale in South Florida

 

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Brace for impact

Now is a good time to brace yourself for the impact of higher rates.  We have been discussing the artificially low rates for quite sometime and it looks like the path to normalization has begun.  Take a look at this chart of rates, with a clear path for the 10-year bond to move closer to 3% sooner than later.  That move will edge the 30-year mortgage closer to 5.00% and will effectively slam the brakes on residential real estate activity.

Bigly move in rates - brace yourself

Brace yourself for a rebound in foreclosure activity

After taking another break, it looks like mortgage foreclosure filings are bouncing back.  They just came off of a 90-day FEMA hold from Hurricane Irma and the banks are getting their filings in slowly but surely.  This cloud has lingered over the South Florida residential real estate market for nearly a decade and won’t be clearing anytime soon.

Brace for more foreclosures in Fort Lauderdale

Brace yourself for more inventory

Be prepared for average days on market and residential inventory to start increasing.  Sellers and their real estate professionals won’t know why their properties are lingering on the market.  Here is a clue:  Drop the price, the market has changed!  During the month of December there were 4,740 houses and 7,620 condo properties listed for sale in Broward County.  Seasonality contributes to the decline in listings because many sellers take their properties off the market during the holidays.  There should be a rebound in inventory which will grow throighout 2018 as properties sit on the market for extended periods.

Residential Inventory in Fort Lauderdale

And how about price declines?

Yes, maybe it’s a good time to be prepared for price drops.  Most sellers are currently in denial and behind the market already.  By the time they make their next price drop, they will be chasing the market downward.  Look at the upward trend in foreclosure prices.  It looks like the people that had money to fight their case literally bought some time.  Here is a look at the latest numbers for single-family homes in Broward County:

  • Median traditional sale was $343,000 in December, down from $353,500 in November
  • The median short sale was $273,000 in December, up from $266,000 in November
  • Foreclosure sale median price was $322,600 in December, up from $302,500 in November

Brace yourself for price declines - houses

And here is a look at the condo sale prices for December:

  • Median traditional sale was $169,000 in December, up from $162,000 in November
  • The median short sale was $110,750 in December, down from $127,050 in November
  • Foreclosure sale median price was $143,249 in December, up bigly from $99,625 in November

Fort Lauderdale condo prices

If you plan to buy or sell residential real estate in South Florida, you will need to monitor this trend in borrowing costs.  The market is finally changing after a decade of manipulated interest rates and bailouts.  A great resource is the Freddie Mac website with weekly rate updates, you should keep an eye on this one:  Freddie mac weekly rates

Just a few points to summarize:

  1. The bond market is changing
  2. The mortgage market is changing
  3. The real estate market is changing, so brace yourself!
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Let’s call it a comeback

Making a Comeback – Foreclosure Activity

Let’s call it a comeback.  Foreclosure filings are rebounding in South Florida.  FEMA halted foreclosure actions after Hurricane Irma and lenders appear to be firing up the repo machine again.  Below is a snapshot of the South Florida monthly foreclosure filings.  The sharp decline in September is after the hurricane.  It looks like filings in Miami-Dade, Broward and Palm Beach have bottomed out and are prepared to rebound strongly in 2018.

Comeback Miami fort lauderdale palm beach foreclosures

A Comeback in Average Sale Prices

As far as pricing goes, it’s probably a good time for banks to dispose of assets.  Prices in South Florida gained some strength into year-end.  The average sale price of a house was $485,637 and the average sale price of a condo was $281,838 in the month of December.

Comeback in average sale prices

No Comeback in Existing Residential Inventory (yet)

Inventory for existing condos (excluding new construction) and homes remains fairly low.  Although many properties are removed from the market during the holidays, here are the existing South Florida inventory numbers for December:

  • Single-family homes – 17,558, down from 18,313 in November
  • Condo properties- 28,931, down from 29,748 in November

No combeback in inventory

Transaction Volume

Deal volume ticked-up into the end of 2017.  Below is a snapshot of South Florida residential transaction volume from 2012 until the end of 2017 and you will see that 2015 was the largest year for deal volume in the cycle:

   Annual   Monthly Average
2012      86,001              7,167
2013      91,180              7,598
2014      91,239              7,603
2015      96,411              8,034
2016      90,974              7,581
2017      88,227              7,352

Comeback in South Florida deal volume

No Comeback in Wages

One of the key issues in housing after the latest bubble was blown by central backs is the lack of wage growth.  Below is a chart from the St. Louis Fed showing median wage growth (or the lack of wage growth).  Let me know if anyone sees a problem when they look at the chart.  The fact remains that without constant bailouts, most wage earners cannot afford to pay their bills.

Median wage growth chart

 

 

 

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Thumb on the scale

It appears that someone still has their thumb on the scale as we begin 2018.  With housing, stocks and bonds still at elevated levels, maybe we should give credit where credit is do:  Central banks!  By keeping rates at record lows and buying every asset class regardless of price, the invisible “thumb” is what keeps all of this stuff in the air.  If you look at the U.S. Federal Reserve (The Fed), European Central Bank (ECB), and Bank of Japan (BOJ), they hold approximately $14 Trillion in various securities.  Clink on the link below from FRED, the Federal Reserve Economic Data website labeled “Chart of Fed Assets” to take a look at the nearly $4.5 trillion balance sheet of our own Federal Reserve and you will see who is helping keep prices in the air.  (The FRED website is an amazing resource for all types or economic data) You will notice a spike in the 4th quarter of 2008 when the Fed launched QE1 with an initial purchase of mortgage backed securities in response to the financial crisis. They continued the party with QE2 and QE3 lasting through the middle of 2014.  Look at the chart below and you will see a noticeable decline in prices around May of 2014.  Now does it all make sense?

Finally, after nine years of the “recovery” they are gradually reducing their holdings (treasuries, mortgage backed securities) to mature and run off the balance sheet to the tune of $10 billion per month, with plans to increase the amount over time.  As of December 27th, the Fed was holding nearly $1.8 Trillion dollars in mortgage backed securities, which is a pretty big “thumb”!  If you remove the Central Banks and their impact on asset prices, would you still consider this a recovery?  Where do you think residential real estate prices would be?

Chart of Fed Assets

Thumb on the scale impacting prices

Thumb on real estate pricesAverage sale prices of single family homes continue to show strength through the month of November.  Condo prices look like they will continue to move sideways until there is a decline in inventory.  Average sale prices for November 2017 for the tri-county area were as follows:

  • Single-family homes – $481,274 which is a 18% jump from $409,216 in November 2016
  • Condo properties – $258,206 which is a 4% decline from $268,753 in November 2016

The thumb keeps rates down

This is pretty simple:  As long as Central Banks aren’t dumping their bond holdings, rates will stay low.  Also, the bond market doesn’t seem to buy into the MAGA growth projections.  If there was a strong growth outlook, the ten year bond would be well over 3.00% by now.  It just cannot seem to get any traction.  Low rates will continue to support real estate prices.

Thumb keeps rates low

South Florida Residential Inventory

South Florida real estate inventory

As of the end of November, there were 48,061 houses and condos available for sale in the tri-county area, up slightly from 47,146 in October.  Some of that increase may be attributed to properties returning to the market after the storm.  The chart clearly illustrates the divergence between the single-family home and the condo property inventory.  As me move through 2108 the South Florida condo inventory should continue to climb.

South Florida real estate transactions

Residential transaction volume was lower by 2% year over year in November, which really isn’t much.  As for the average number of monthly closings, here is a summary of the past 5 years with 2015 having the highest volume:

  • 2012 – 7,167
  • 2013 – 7,598
  • 2014 – 7,603
  • 2015 – 8,034
  • 2016 – 7,581
  • 2017 – 7,356 (through November)

Were foreclosures halted again?

Of course they were!  Take a look at this chart.  Just as new foreclosure filings were gaining momentum and reaching a multi-year high in August, they were put on hold by FEMA in September after Hurricane Irma.  The average number of monthly foreclosure filings in Miami-Dade, Broward and Palm Beach was 1,400 from January to August of 2017.  After the hold,they declined sharply to only 362.  Expect them to resume filings in the first quarter of 2018.

Thumb on foreclosures REO

There are still plenty of safeguards in place since the financial crisis.  Whether they are periodic foreclosure halts, keeping rates at crisis lows or Central Bank intervention and asset purchases, they are all akin to a thumb on the scale.  Until the training wheels are removed and markets are permitted to function on their own, we will not have true price discovery. Until then, party on!

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  • Allied Realty Group, Inc
    2550 North Federal Highway
    Suite 200
    Fort Lauderdale, FL 33305

    Phone: 954-586-8400
    Fax: 954-586-8410
    Email: Contact Us