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Are foreclosures still a problem in South Florida?
Although foreclosure filings seem like they are a thing of the past, a recent jump in new filings in Miami is worth watching. Palm Beach and Broward filings remained low, but you will notice the spike in Miami foreclosure filings in the chart of the tri-county area.
As far as the annual averages, 2019 was a slow year compared to the previous 4 years.
| Annual | Monthly | Change | |
| 2015 | 9,557 | 796 | |
| 2016 | 15,194 | 1,266 | 59% |
| 2017 | 13,071 | 1,089 | -14% |
| 2018 | 15,905 | 1,325 | 22% |
| 2019 | 10,355 | 863 | -35% |
We have a few charts which show the foreclosure filings for each County in South Florida. Let’s start from the South and look at Miami-Dade:
In December 2019, we counted 504 new filings, which includes 328 houses and 176 condo properties. this number is over twice the amount (223 total) in the month of November. Is this the beginning of an upswing in foreclosure filings in 2020? We will keep watching and here is a look at the filings in Miami-Dade since 2015:
| Annual | Monthly | Change | |
| 2015 | 4,638 | 387 | |
| 2016 | 6,855 | 571 | 48% |
| 2017 | 5,393 | 449 | -21% |
| 2018 | 7,629 | 636 | 41% |
| 2019 | 5,258 | 438 | -31% |
Heading up I-95, here is a look at foreclosure filings in Broward County:
There were a total of 196 new filings in the Broward cities including Fort Lauderdale and surrounding areas in December. There were 161 house filings and 35 condo filings. Here is a snapshot of the filings in Broward since 2015:
| Annual | Monthly | Change | |
| 2015 | 3,356 | 280 | |
| 2016 | 5,044 | 420 | 50% |
| 2017 | 5,228 | 436 | 4% |
| 2018 | 5,341 | 445 | 2% |
| 2019 | 3,089 | 257 | -42% |
Our last stop today is fancy Palm beach, where there were only 135 new foreclosure filings in December. This number includes 106 houses and 29 condo properties.
Here is a breakdown of the Palm Beach area foreclosures since 2015:
| Annual | Monthly | Change | |
| 2015 | 1,706 | 142 | |
| 2016 | 3,295 | 275 | 93% |
| 2017 | 2,450 | 204 | -26% |
| 2018 | 2,935 | 245 | 20% |
| 2019 | 2,008 | 167 | -32% |
This real estate market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida. Here are just a few of the cities in each of these three markets:
- Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.
- Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea and Lighthouse Point.
- Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.
