In focus: Fort Lauderdale area foreclosure filings & shadow inventory update
Last week we provided a snapshot of the South Florida foreclosure activity and today we will zero-in on Broward County and the Greater Fort Lauderdale area. Our first chart today shows the monthly foreclosure filings in broward County, Florida.
In the month of May, there were a total of 1,837 residential foreclosure filings in Broward County. There were 1,440 single-family foreclosure actions filed and 397 condo/townhouse filings. To see where the number stack-up when compared to previous years, here are the averages:
- In 2012, the monthly average of foreclosure filings in Broward was 1,332
- In 2013, the monthly average of foreclosure filings in Broward was 2,182
- So far in 2014, the monthly average of foreclosure filings in Broward is 2,109
In summary, the pace of new foreclosure filings really hasn’t slowed very much for a residential real estate market that is supposedly in “recovery”.
How about the houses and condos that are still lingering in the foreclosure process throughout Broward County? As of our last count, there were nearly 60,000 of them. Take a look at where they are all located and feel free to click on the chart to enlarge it.
Some of the cities with the highest level of residential properties in foreclosure as of our latest data search on May 20, 2014 are as follows:
- Fort Lauderdale – 4,902 houses and 1,136 condo/townhouse properties are in foreclosure
- Miramar – over 5,000 houses and 1,019 condo/townhouse properties are in foreclosure
- Hollywood – 3,934 houses and 1,134 condo/townhouse properties are in foreclosure
- Pembroke Pines – 4,984 houses and 883 condo/townhouse properties are in foreclosure
- Pompano Beach – 2,610 houses and 1,147 condo/townhouse properties are in foreclosure
- Coral Springs – 2,788 houses and 1,133 condo/townhouse properties are in foreclosure
- Sunrise – 2,938 houses and 734 condo/townhouse properties are in foreclosure
These are just some of the chart leaders. Overall, we counted 59,813 residential properties in foreclosure and the pace of distressed sales is much to slow to dispose of all of these properties. For additional perspective, take a look at how low the inventory for sale is, compared to all of the properties in foreclosure in this next chart. The best way to see the entire picture is to focus on the properties listed as distressed compared to the properties in foreclosure. This may be the reason that after 4-5 years in a “housing recovery” we still have a massive shadow inventory of properties in foreclosure.
Our last chart for today shows the total inventory of properties for sale in Broward County, Florida and we compare that to the total transactions and the pace of new foreclosure filings. This chart is helpful because it does illustrate how inventory has climbed over the last year. However, what do you think would happen if the nearly 60,000 properties in foreclosure were added to the exiting inventory? If you answered “Big Trouble”, you get a gold star and a happy face for today’s lesson!