MIAMI, FL --For the first time since the "robo-signer" controversy surfaced a year ago in September 2010, lenders are once again filing an increasing number of foreclosure actions - or Lis Pendens - in the tricounty South Florida region, according to a new report from CondoVultures.com.
More than 9,700 notices of default – the first step in the foreclosure process – have been filed against properties in Miami-Dade, Broward, and Palm Beach counties in the third quarter of 2011, according to an analysis based on the Condo Vultures® Foreclosure Database™.
In previous quarters, 8,900 filings were initiated in the fourth quarter of 2010, 6,800 actions in the first quarter of 2011, and less than 7,200 in the second quarter of 2011, according to the report based on Lis Pendens filings recorded with the Clerks of the Court in all three South Florida counties.
Compare this to the third quarter of 2010 when more than 13,900 foreclosure actions were filed just as the “foreclosure freeze” was starting to make national headlines with allegations of “foreclosure mills” operating in South Florida.
“The lenders are going back to work when it comes to foreclosure filings,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
“For several months, lenders were riding the brakes as they examined their internal policies and procedures related to the repossession process. A year later, the banks appear poised to up shift into a higher gear as it pertains to initiating foreclosure actions against borrowers in default in South Florida."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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