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Mortgage foreclosure filings in South Florida

As we expected, mortgage foreclosure filings are ramping-up once again.  They were gaining momentum throughout 2017 until Hurricane Irma, when FEMA placed a 90-day hold on foreclosure filings.   That led to the annual “holiday hold”, so it looks like the banks are getting back in inaction.  Many of these cases have been lingering since the 2008 financial crisis.  Thanks to the failed mortgage bailout programs (too many to list) and the innate ability of South Floridians to game the judicial foreclosure system, we continue to wrestle with this problem.  Let’s take a look at the overall picture of monthly filings that have been recorded as of April 4th, 2018.  As always, we will update the data if it changes.

South Florida Mortgage Forelcosure Filings

Mortgage foreclosure filings in Miami-Dade

New filings throughout Miami-Dade County appear to be making a strong comeback and gaining momentum as we move through 2018.

Miami Foreclosure filings

Here is a look at the annual numbers and monthly averages in Miami:

AnnualMonthlyChange
2015           4,638             387
2016           6,855             57148%
2017           5,393             449-21%
2018           1,403             4684%

Mortgage foreclosure filings in Broward County / Greater Fort Lauderdale area

Mortgage forelcosure filings in Fort Lauderdale

Here is a snapshot of the annual and monthly numbers for Broward County Florida:

Annual MonthlyChange
2015           3,356             280 
2016           5,044             42050%
2017           5,228             4364%
2018               908             303-31%

Moving on North to Palm Beach County

Filings continue to climb up in Palm Beach County also as we move into the second quarter of 2018.

Mortgage foreclosures - Palm beach Florida

And for the summary of annual and monthly averages in Palm Beach:

Annual MonthlyChange
2015           1,706             142
2016           3,295             27593%
2017           2,450             204-26%
2018               545             18244%

The South Florida residential real estate market may have reflated after the crisis, but it has not fully recovered.  There are still thousands of houses and condos in the “shadow inventory” that may eventually hit the market.  In addition, property owners may be using their homes as ATM’s once again.  Here is a link to a recent article about home equity posted on CNBC.com: Home Equity article