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Are foreclosures still a problem in South Florida?

South Florida foreclosures

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.

AnnualMonthlyChange
2015   9,557    796
2016  15,194  1,26659%
2017 13,071  1,089-14%
2018 15,905  1,32522%
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:

Miami foreclosures

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:

AnnualMonthlyChange
2015 4,638   387
2016 6,855   57148%
2017 5,393   449-21%
2018  7,629   63641%
2019 5,258   438-31%

 

Heading up I-95, here is a look at foreclosure filings in Broward County:

Foreclosures in Fort Lauderdale

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:

AnnualMonthlyChange
2015  3,356 280
2016  5,044  42050%
2017 5,228  4364%
2018 5,341  4452%
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.

Boca raton, Delray beach, Palm Beach foreclosures

Here is a breakdown of the Palm Beach area foreclosures since 2015:

AnnualMonthlyChange
2015 1,706  142
2016 3,295  27593%
2017 2,450  204-26%
2018 2,935  24520%
2019 2,008  167-32%