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.
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| 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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