Blog
Miami-Dade County saw a big jump in foreclosure filings for the month of October
Well, so much for all of the headlines touting a housing recovery. Residential foreclosure filings jumped 70% month over month from September to October in Miami-Dade County, Florida. Here is a snapshot of the monthly filings, itemized by single-family homes and condo/townhouse properties.
When we breakdown the data by property type, the new single-family home filings jumped 60%. In September there were 1,214 new filings and October had 1,939. In the condo/townhouse segment, there were 768 new filings in September and 1,427 in October which represents a whopping 86% increase. We always tell our readers that one month does not make a trend, so here is a glance at the combined data.
the bottom turn is fairly obvious on the right side of this chart. The combined filings jumped 70% from 1,982 in September to 3,366 in October. Just to add some perspective, there were 21,686 filings throughout all of 2012 for a monthly average of 1,807. So far through October of 2013, there have been 35,085 new filings for an average of 3,509 filings per month. That represents a 94% year over year increase. Take a look at where all of these distressed properties are located throughout Miami-Dade County. Feel free to click on the chart for a city-by-city breakdown. Keep in mind that our search results are limited to 5,000 results and that’s why some of these cities have already “maxed-out”.
The spike in new foreclosure filings isn’t just isolated in Miami-Dade County. It appears that new filings are on the upswing in Broward and Palm Beach County as well.
If there wasn’t a massive shadow inventory of foreclosures in South Florida, the elevated new filings wouldn’t be such a burden, but they decrease the chances of reducing the inventory of foreclosures anytime in the near future. Our final chart illustrates the overhang of residential properties in foreclosure throughout the tri-county area. It is also important to note that a large percentage of these properties have lingered in and out of foreclosure since the housing bust over 5 years ago.
