Reignited: Foreclosure Filings Spike 34% In South Florida Region In Q1 2013

Peter Zalewski

MIAMI, FL, April 8, 2013 -- Nearly 13,700 foreclosure actions were filed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach in the first quarter of 2013, representing a 34 percent increase in notices of default initiated on a year-over-year basis compared to the same January through March period in 2012, according to a new report from CondoVultures.com.

The surge in foreclosure filings in the first quarter of 2013 means more than 362,000 notices of default - the first step in the repossession process - have been initiated in South Florida since the real estate crash began in 2007, according to the report based on the Condo Vultures® Foreclosure Database™.

Despite the spike in South Florida foreclosure actions, the total number of filings initiated in 2013 in the region is down compared to the same three-month period in previous years when more than 20,000 actions were filed in 2010 and nearly 24,000 actions were filed in 2009, according to the report based on filings with the Clerks of the Court for each respective county. 

"Foreclosure filings are on the rise again in South Florida," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"After a couple of years of minimal activity due in part to the 'robo-signer' controversy, lenders are once again stepping up efforts to confront borrowers who are in default on their mortgages in South Florida. At the current pace of foreclosure actions, South Florida could experience nearly 55,000 filings in the year 2013."

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St., Suite 209B,

Downtown Miami, Florida, 33137.

PH: 1-800-750-0517.