Monday, July 8, 2013

Pace Of Foreclosure Filings Decreases 9% In South Florida Region In Q2 2013



MIAMI, FL -- Less than 11,150 foreclosure actions were filed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach in the second quarter of 2013, representing a nine percent decrease in notices of default initiated on a year-over-year basis compared to the 12,250 actions during the same April through June period in 2012, according to a new report from CondoVultures.com.

The decrease in foreclosure filings in the second quarter of 2013 means nearly 374,000 notices of default - the first step in the repossession process - have been initiated in the South Florida region of Miami-Dade, Broward, and Palm Beach counties since the real estate crash began in 2007, according to the report based on the Condo Vultures® Foreclosure Database™.

In the second quarter of previous years, the number of foreclosure filings in South Florida has fluctuated with less than 7,200 actions in 2011, nearly 14,800 actions in 2010, more than 28,350 filings in 2009, nearly 20,250 actions in 2008, and less than 6,600 filings in 2007, according to the report based on filings with the Clerks of the Court for each respective county. 


Peter Zalewski
"Foreclosure filings lost momentum in South Florida in the second quarter of 2013," 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 had appeared to be stepping up efforts to confront borrowers who are in default on their mortgages in South Florida. The second quarter data calls that into question.

"The unanswered question going forward is whether this latest slowdown in foreclosure filings is an anomaly or the start of a new trend."

  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.
800-750-0517.

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