Foreclosure Filings Drop 49% In South Florida In 2nd Quarter

MIAMI, FL--Lenders filed 49 percent fewer foreclosure actions against borrowers in the tricounty South Florida region in the second quarter of 2010 compared to a year earlier, according to a new report by CondoVultures.com.

Banks initiated about 14,500 foreclosure actions in Miami-Dade, Broward, and Palm Beach counties between April and June of 2010 compared to about 28,400 foreclosure actions initiated during the same three-month span of 2009, according to the report based on the Condo Vultures® Foreclosure Database™.

For the year, South Florida foreclosure filings are down 34 percent to 34,500 in the first six months of 2010 compared to about 52,200 actions in 2009, 37,800 actions in 2008, and 8,000 actions in 2007, according to the report based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"Lenders filed an average of 190 foreclosure actions per calendar day in the first half of 2010," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"As high as the current number seems, the pace is down significantly from recent years when a daily average of 288 actions were filed in 2009 and 209 actions in 2008.

 Prior to the real estate crash, lenders filed fewer than 50 foreclosure actions per calendar day."

Contact: Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.