First and second quarter of this year the number of foreclosures in South Florida was nearly the same but they have dropped this past month, with Miami-Dade County seeing the biggest drop-offs.
There were 6,630 foreclosures in South Florida in the second quarter compared to 6,673 foreclosures in the first quarter based on data received from a Mt. Pleasant, Pennsylvania based Default Research Company.
Foreclosures were down 8% in South Florida this June, from 2,357 in May to 2,175 foreclosures in June. June’s total however was up 167 percent from the 818 foreclosures in June of last year.
Foreclosure rates might have stabilized but ‘for-sale’ signs are still as abundant as palm tree in Florida and many investors and are just walking away from their properties. Lee County with a 28 percent increase was the state's hardest hit by foreclosures in the second quarter of this year.
In Miami-Dade County the news got a little better. With 2,827 foreclosures in the second quarter, it was still down 5 percent from the first quarter’s 2,966 foreclosures. Miami-Dade was down 40% this month from May’s 1,150 foreclosures which was still well above the 417 foreclosures in June 2006.
Broward County saw mixed results at a 6% decline from 2,260 foreclosures in the second quarter to 2,400 foreclosures in the first quarter. With 905 foreclosures, it led the region in June up 33 % from 680 foreclosures in May and up 246 foreclosures in June of last year.
Palm Beach County had less than neighboring areas but it's catching up quickly. They were up 8% from to 1,307 foreclosures in the first quarter to 1,543 foreclosures in the second quarter. The county had a total of 578 foreclosures in June which was a 10 percent increase from 527 foreclosures in May and a drastic difference from it’s 155 in June of 2006.
Katja Kukovic
Eric Harari is a principal in Miami Lodge Realty company. To learn more about Miami real estate market, click here.
Source: www.isnare.com
