The new foreclosure filings in Miami-Dade County Florida remained elevated in the month of October. There were 1,121 new foreclosures filed on single family homes and 856 new foreclosures filed on condo/townhome properties throughout the County. Take a look at the chart to see the trend in foreclosure activity:
The chart illustrates foreclosure activity throughout 2012 and it remains clear that this as long as foreclosure activity remains at these levels, they will impede any true “recovery” in the housing/condo market.
The next chart below shows the total monthly foreclosure filings, which combine the single family home foreclosure filings, along with the condo/townhome filings.
In October 2012, there were 1,977 new foreclosure filings in Miami-Dade County. There were 1,415 new filings in January 2012, 1,432 filed in February, and the new filings spiked to 2,124 new filings in March once the robo-signing settlement was finalized. Keep in mind that foreclosures came to a screeching halt back in October 2010 and were virtually on hold until March of this year. Although the month of August showed a slight dip in new filings, they bounced right back up in September to over 2,000 new filings. To see the impact that the robo-signer foreclosure halt had on a national scale, take a look at the next chart below with data from Realtytrac and Zerohedge:
Residential property inventories have dropped month over month once foreclosures were halted in October 2010, and it is very important to understand why. Yes, people are buying houses and condos, but they have limited inventory to choose from and lack of supply has created artificial demand and even price increases. Don’t worry, the South Florida housing market will now be receiving a steady dose of distressed properties in the form of short sales and foreclosures.
Finally, to see where the properties currently in foreclosure are located, below is a breakdown by city: