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Taking a look at the Fort Lauderdale foreclosure market

It has been awhile since we have provided a foreclosure update with a city by city count of properties.  Today we will run through Broward County.   Our first chart shows how each city stacks up.  Although many of these properties will not make it to the market, there are 5,911 houses and condos in some stage of foreclosure scattered across the area.  Fort Lauderdale, Miramar, Hollywood and Pompano Beach lead the list.

foreclosure snapshot broward county florida

Foreclosure count by city

Here is a look at how many houses and condo properties currently have a mortgage foreclosure filing on them in Fort Lauderdale and the surrounding areas as of our latest count on March 11, 2018:

Houses Condos
Fort Lauderdale                      525                  84
Miramar                      690                  61
Hollywood                      353                101
Pembroke Pines                      501                  46
Pompano Beach                      265                  72
Deerfield Beach                        81                  31
Oakland Park                        96                  36
Wilton Manors                        32                     4
Weston                      166                  24
Plantation                      193                  60
Coconut Creek                      110                  39
Margate                      194                  33
Davie                      142                  41
Hallandale Beach                        37                  60
Coral Springs                      294                  69
Parkland                        73                     1
Lauderhill                      185                134
North Lauderdale                      180                  13
Lauderdale Lakes                        97                  49
Tamarac                      147                  73
Dania                        23                     8
Cooper City                        83                   –
Lighthouse Point                        19                     2
Sunrise                      314                  70
Total                   4,800            1,111

Monthly foreclosure filings in Broward County

The pace of new mortgage foreclosure filings took a break during the fourth quarter of 2017 due to the FEMA hold on filings.  New filings have been slow to start 2018, but we expect them to move higher as we move through 2018.

Fort Lauderdale foreclosure filings

Here is a quick look at the number of annual filings in Broward County and the monthly averages going back to 2015:

Annual  Monthly Change
2015            3,356              280
2016            5,044              420 50%
2017            5,228              436 4%
2018 (Jan,Feb)                508              254 -42%

How does Broward County compare to Miami-Dade and Palm Beach?  Take a look at this next chart.  The sharp decline across the tri-county area took place in September after Hurricane Irma.  We don’t know how long it will take to resume the prior pace, but stay tuned and we will continue to provide updates.

foreclosures in miami, fort lauderdale palm beach

Delinquency rate – national

Here is a great FRED chart (St. Louis FED) showing the national mortgage delinquency rate back to the financial crisis and through the end of 2017.  South Florida is a different animal than the national snapshot and we continue to wrestle with foreclosures long after the crisis.  Mortgage Delinquency – National