Monday, April 15, 2013
FLORIDA REALTORS ASSOCIATION SAYS THAT FORECLOSURES EQUAL ABOUT 7% OF THE CURRENT RESALE MARKET.
A foreclosure freeze slowed the number of defaults initiated against borrowers between October and December 2010 due to the “robo-signer” issues. In the second half of 2010 the legality of thousands of bank repossessions slowed foreclosure efforts. Between 2007 and 2013 almost 365,000 notices of default were filed against Southeast Florida borrowers, overwhelming the state court system.
In 1Q/2013, foreclosure repossession totals, since the 2007 start of the real estate crash, surpassed 200,000 in southeast Florida (Palm Beach, Broward and Miami-Dade), according to Condo Vultures. From January to March of this year, an analysis based of Clerk of the Court records showed nearly 9200 properties were repossessed, or state courts were used to force foreclosure sales. That is about 100 properties per calendar day.
In 1Q/2013 foreclosures have decreased 10% on a year-over-year basis – 1Q/2012 had nearly 10,200 repossessions. Nearly 1250 bank-owned condo and townhouse units are on the resale market as of April 14, 2013 at about $84/ per sq ft. About 1400 units are now short sales at a median asking price of about $83/per sq ft. This information comes from the Southeast Florida MLXchange.