To quote Yogi Berra:  “It’s like deja vu all over again.”   Monthly foreclosure filings are climbing in South Florida once again.  Years of artificially low interest rates have propelled prices higher, but there is still a large overhang of distressed properties.  Merely reflating real estate prices will not create a sustainable recovery.  Let’s take a look at a few charts:

Miami-Dade, Broward and Palm Beach County – Monthly Foreclosure Filings

In looking at the numbers for the tri-county area, there were 1,488 new foreclosure filings during the month of March, which is an increase of 38% over February.  Here are the monthly averages Miami-Dade, Broward and Palm Beach counties combined:

• The 2015 monthly average was 796
• The 2016 monthly average so far is 1,169
• This represents a 47% increase year over year for South Florida

Miami-Dade County, Florida – Monthly Foreclosure Filings

There were 441 new filings on houses and 204 on condos during the month of March, for a total of 645 new filings.  This represents a 32% increase month over month.

• The 2015 monthly average was 387
• The 2016 monthly average so far is 523
• This represents a 35% increase year over year in monthly filings for Miami-Dade

Broward County, Florida – Monthly Foreclosure Filings

There were 432 new filings on houses and 128 on condos in the month of March, for a total of 560 new filings.  This represents a 51% increase month over month.

• The 2015 monthly average was 280
• The 2016 monthly average so far is 390
• This represents a 39% increase year over year in monthly filings for Broward County

Palm Beach County, Florida – Monthly Foreclosure Filings

There were 221 new filings on houses and 62 on condos in the month of March, for a total of 283 new filings.  This represents a 30% increase month over month.

• The 2015 monthly average was 142
• The 2016 monthly average so far is 257
• This represents a 81% increase year over year in monthly filings for Palm Beach County