Blog administrator comments: Fort Lauderdale/Miami and South Florida foreclosure momentum continue to grow. Until the banks become more efficient in dealing with the home and condo foreclosure and short sale process; are willing to expedite the sale of their distressed properties, foreclosures in South Florida will continue to depress prices. Short sales and REO home & condo inventory continue to rise. To view all FORT LAUDERDALE DISTRESSED HOMES PLEASE CLICK HERE. FORT LAUDERDALE FORECLOSURE CONDOS CLICK HERE.
South Florida saw one out of every 46 homes fall into foreclosure in the first quarter of the year, according to RealtyTrac.
The Irvine, Calif.-based marketplace for foreclosure properties ranked the Miami-Fort Lauderdale-Pompano Beach metropolitan statistical area 11th in the nation for properties with foreclosure filings.
Only two other Florida MSAs – Cape Coral-Fort Myers (third) and Orlando (10th) – had more.
In the first quarter, the South Florida MSA had 52,224 homes in foreclosure. That was up 10.36 percent from the fourth quarter of last year and up 71.3 percent from a year earlier. The Las Vegas MSA continued to post the nation’s highest foreclosure rate, with one in every 28 homes falling into default. That’s 4.9 times the national average. Nationwide, there were 932,234 properties with foreclosure filings in the first quarter, or one in every 138 homes. That was up 7.23 percent from the previous quarter and up 16 percent from a year ago. South Florida Business Journal, Thursday, April 29, 2010, 12:01am EDT