The inventory of houses and condominium properties in foreclosure in Broward County has swelled-up by about 10% since our last check near the end of the first quarter.  As of July 1, 2013, we counted 55,091 single-family homes and condo/townhouse properties in some stage of foreclosure in Broward County.  Here is a chart showing each city.

As of July 1, 2013, some of the cities in Broward County with the highest level of properties are as follows:

• Fort Lauderdale – 4,648 single-family homes and 1,163 condo/townhouses in foreclosure
• Miramar- over 5,000 single-family homes and 1,163 condo/townhouses in foreclosure
• Pembroke Pines – 4.697 single-family homes and 956 condo/townhouses in foreclosure
• Hollywood – 3,801 single family-homes and 1,192 condo/townhouses in foreclosure
• Pompano Beach – 2,479 single-family homes and 1,160 condo/townhouses in foreclosure
• Coral Springs – 2,723 single-family homes and 1,285 condo/townhouses in foreclosure

One of the biggest problems is that the distressed properties are taking too long to get listed on the market.  Florida is a judicial state, where the average foreclosure takes close to 900 days to complete.  Meanwhile, the pace of new forelcousre filings doesn’t appear to be slowing anytime soon.  In May, there were 1,670 new foreclosure filings in the Broward County single-family and condo/townhouse market and the monthly average over the last 17 months (since January 2012) is 1,535 new filings per month.

Here is the breakdown by residential property type:

Finally, here is a good visual aid which illustrates why the shadow inventory of foreclosures continues to grow and shows the wide gap between properties listed for sale and properties in foreclosure.  We will not see a recovery in the South Florida housing market until we get the distressed properties listed, sold and in the hands of people that will actually make the mortgage payments.