These numbers are jaw-dropping!  If this housing market is in recovery, why is this chart exploding to the upside?  In the month of June, there were 3,903 new residential foreclosure filings in Broward County, Florida.  This represents a month-over-month increase of 86%!  We haven’t seen these levels in years.

As for the averages in Broward County, here is what the past few years of the “housing recovery” look like:

• In 2012, the monthly average of new foreclosure filings was 1,332
• In 2013, the monthly average of new foreclosure filings was 2,182 (representing a 64% increase over 2012).
• So far in 2014, the monthly average of new foreclosure filings is 2,451 (representing a 12% increase over 2013)

This next chart shows the pace of new foreclosure filings for the single-family home and condo segment.  In June, there were 3,092 new filings in the single-family home market and 811 in the condo/townhouse market.  In addition, hopefully this chart illustrates how the halt on foreclosures back in 2010 and all of the failed government intervention merely kicked the can down the road.

Finally, this last chart today shows the foreclosure activity for Miami-Dade, Broward and Palm Beach county.  The fact that Broward surpassed Miami-Dade last month is frightening.

By the numbers:

• Miami-Dade County had 3,888 new filings in June, up from 2,936 in May
• Broward County had 3,903 new filings, up from 2,906 in May
• Palm Beach County had 1,056 new filings, down slightly from 1,104 in May

As for the monthly average of new filings for South Florida:

• The 2012 monthly average was 4,053
• The 2013 monthly average climbed 69% year over year to 6,861
• In 2014, the monthly average is already at 6,858, almost keeping pace with last year

We will have foreclosure data breakdowns with updated shadow inventory figures for Miami-Dade, Borward and Palm Beach County in the upcoming posts.  For now, have a nice holiday weekend and enjoy the fireworks!