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A troubling trend brewing in Broward County’s residential foreclosure filings
I know that most people aren’t able to hear my comments amidst the housing recovery chatter, but here is something worth taking a look at:
New foreclosure filings in June 2013 reached a new high of over 3,000 new filings in Broward County (3,159 to be exact). This is a level that we haven’t seen in a long time. Our data goes back to January 2012 where there were only 1,184 new filings and we dipped as low as 811 in February 2012. Our next chart breaks down the single-family home and condo/townhouse segments.
In June 2013, there were 2,365 single-family foreclosure filings in Broward, up from 1,224 in May. That is a 93% increase, or basically double the number! As for condo/townhouse foreclosure filings, there were 794 new filings in June, up from 446 in May. That number isn’t a double, but it is a 78% increase. So far for year, it looks like we will blowout the 2012 figures. There were a total of 15,983 foreclosure filings in Broward County in 2012 and there have already been 13,278 new filings in 2013 and we are only at the halfway point of the year.
Which cities have the highest level of residential properties in foreclosure? Here is a chart with data as of July 1st and it will be updated again soon.
Where does Broward County stack-up compared to Miami-Dade and Palm Beach County? Here is a chart of the South Florida market:
Just a few fun statistics for the Tri-County area: In 2012, there were 48,633 total foreclosure filings in Miami-Dade, Broward and Palm Beach County combined with a monthly average of 4,053. In 2013, there have already been 44,578 new foreclosure filings and the monthly average of new filings stands at 7,430, representing a whopping 83% increase over last year’s monthly average.
By looking at the data and the trends, it will be a safe bet to put the party hats and confetti into storage. While you’re at it, go ahead and cancel the “housing recovery” parade in South Florida at least until this foreclosure problem clears and that may take a few years.