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Home » Market Outlook » Foreclosure Activity » Shadow Inventory » Residential rebound in the Ft. Lauderdale area? Sure, just keep ignoring the foreclosure data.

Residential rebound in the Ft. Lauderdale area? Sure, just keep ignoring the foreclosure data.

The major lenders sure didn’t take a break from filing new foreclosure actions in the month of December.  The year wrapped-up with one of the most active months in years when it comes to residential foreclosures in the Greater Fort Lauderdale area.  Let’s take a look at the new foreclosure filings for the month of December in Broward County, Florida:

  • 3,362 new residential foreclosure filings in Broward County
  • 2,602 single family homes received a foreclosure notice
  • 760 condo/townhouse properties received a foreclosure notice

Now, to  look at the overall trend and compare 2012 to 2013:

  • 15,983 total new residential filings in Broward County in 2012
  • In 2012., the monthly average of new foreclosure filings was 1,332
  • 26,183 total new residential foreclosure filings in Broward County in 2013
  • In 2013, the monthly average of new foreclosure filings was 2,182
  • There was a 64% increase in the monthly foreclosure filings in 2013 over 2012

Broward House & Condo Monthly Filings

June 2013 was a very active month for foreclosure filings in Broward County, with 3,159.  It looks like December surpassed that recent high with a total of 3,362.  Do you think that setting new records in monthly foreclosure filings is indicative of a housing recovery?  Also, it is important to remember that the shadow inventory of foreclosures continues to grow.  At last count in early December, there were over 50,000 houses and nearly 16,000 condo/townhouse properties in the foreclosure process throughout Broward.  Take a look at this next chart to see where they are located.

Broward County Shadow Inventory

The chart above will be updated this month, but feel free to click on it to see which cities have the highest level of residential properties in foreclosure.  As of the last data run on 12/10/2013, here are the chart leaders:

  • Fort Lauderdale (aka Fort Squatterdale) – over 5,000 houses and 1,226 condo/townhouses in foreclosure
  • Miramar – over 5,000 houses and 995 condo/townhouses in foreclosure
  • Pembroke Pines – over 5,000 houses and 967 condo/townhouses in foreclosure
  • Hollywood – 4,580 houses and 1,216 condo/townhouses in foreclosure
  • Sunrise – 3,411 houses and 887 condo/townhouses in foreclosure

We will continue to monitor the monthly foreclosure activity and shadow inventory figures for Miami-Dade, Broward and Palm Beach County throughout 2014.  It will be interesting to see how the massive overhang of properties in foreclosure, the new Qualified Mortgage regulations, rising insurance costs and increasing borrowing costs impact the market.  As for recent rates, take a look at our last chart.  The 10-year bond has backed off of the 3.00% mark in the last week, giving housing a (another) slight break.  Although some people continue to drink the housing recovery Kool Aid, the Fed understands the market headwinds and they repeatedly buy treasuries in order to suppress rates.

Interest Rates