Blog

Home » Market Outlook » Foreclosure Activity » New foreclosure filings in Miami-Dade County & breakdown of existing foreclosures by city

New foreclosure filings in Miami-Dade County & breakdown of existing foreclosures by city

Even with a low residential inventory in South Florida, it appears that the new foreclosure filings remain elevated.  Let’s take a quick look at the monthly filings in 2012:

After a rather quiet start to 2012, the new foreclosure filings have hovered around or above 1,000 new single-family foreclosure starts and at or above 600 new condo foreclosure filings for most of 2012.  March was a busy month at the Miami-Dade County courthouse with 1,204 new single-family home foreclosures filed and 920 condominium foreclosures filed.  Remember that the robo-sihgner settlement was finally executed in March, so lenders most likely had some cases ready to be filed right after the case was settled and executed.  July was another busy month with a total of over 2,100 new single-family and condo foreclosures filed and even September had a total over 2,000 residential units entering the foreclosure pipeline.

For a look at where the most foreclosures are located throughout Miami-Dade County, I have detailed them in the chart below:

You will notice that the cities of Hialeah, Homestead and Miami Beach have an elevated number of foreclosures.  These numbers are as of October 4, 2012.  The actual City of Miami had over 5,000 units, so we extracted just a few zip codes in the Downtown / Brickell area.  Some of the cities in Miami Dade County having an elevated level of foreclosures in early October 2012 are:

  • Hialeah with 3,100 houses and 4,090 condo/townhomes in foreclosure
  • Homestead with 3,361 houses and 1,434 condo/townhomes in foreclosure
  • Miami Beach with 242 houses and 1,831 condos in foreclosure
  • Doral with 347 houses and 1,092 condo/townhomes in foreclosure
  • Downtown/Brickell area with 87 houses and 1,136 condos in foreclosure

The good news is that there are plenty of buyers waiting to purchase distressed properties in South Florida.  Florida is a judicial state and it sometimes takes as many as 1,000 days for a bank to complete a foreclosure in Florida, and sometimes even longer.  That is why most lenders are encouraging short-sales in the cases where a loan modification cannot be obtained.  Short sales are now more prevalent than REO sales since the outcome is usually more favorable for both parties (lender and borrower).  The chart below with data from LPS Analytics and posted on CNBC.com shows the recent trend favoring short-sale transactions:

Short-sale transactions are gradually growing in popularity

Allied Realty Group is located in Fort Lauderdale, Florida.  Our residential team serves as the exclusive broker for a variety of financial institutions in the management and sale of distressed single family and multi-family properties.  Our team will inspect, repair, market and dispose of REO properties in a manner that mitigates bank losses.

Allied Realty Group’s REO assignment territory is Broward County, Florida and we complete broker price opinions (BPO’s) for banks on a daily basis. All of our residential brokerage clients appreciate our extensive market insight since we are actively visiting properties and preparing comprehensive valuations for asset managers.