South Florida foreclosure actions jumped by 33 percent in the first quarter to 23,672 filings in Miami-Dade, Broward, and Palm Beach counties, according to a new report from the Condo Vultures® Foreclosure Database™.
An average of 263 Lis Pendens and/or Notices of Default were filed each day in South Florida in the first three months of this year. In first quarter of 2008, there were 17,820 foreclosure actions filed in the region for an average of 198 filings per day, according to the Foreclosure Database™.
"The number of foreclosure filings continues to increase for the third year in a row," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "At this pace, South Florida will have some 96,000 foreclosure actions in 2009 compared to 76,000 in 2008 and 33,000 in 2007."
The Foreclosure Database™ is realtime, searchable online software developed by Condo Vultures® that compiles every one of the 133,700-plus foreclosure actions filed in the circuit courts of Miami-Dade, Broward, and Palm Beach counties since January 2007. The Foreclosure Database™ is the first South Florida service that allows users to search all three counties on a realtime basis by more than a dozen categories, including judgment amounts, values, project names, lenders, borrowers, and the attorneys of the lenders.
Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, experienced the greatest number of foreclosure actions in the first quarter of 2009 with 10,290 actions, or 114 per day. That is a 39 percent increase over the 7,393 actions filed in the first quarter of 2008, according to the report.
Miami-Dade County, where Miami, Aventura, and Coral Gables is located, experienced a 34 percent increase in foreclosure actions in the first quarter of this year. In 2009, there have been 7,170 foreclosure actions filed in Miami-Dade compared to 5,370 filings in the county in the first 90 days of 2008, according to the Foreclosure Database™.
Palm Beach County, where Boca Raton, West Palm Beach, and Delray Beach are located, realized a 23 percent increase in foreclosure filings to 6,212 actions in the first quarter of 2009 compared to 5,057 filings in 2008, according to the report.
Broward accounts for 43 percent of all of the foreclosures filed in the first quarter of 2009, Miami-Dade is second with 30 percent of the actions, and Palm Beach is third with 26 percent of the filings, according to the report.
Foreclosure of the Week:
JP Morgan Chase Bank has filed a foreclose action to collect on a $3.4 million mortgage secured by a condominium unit in the wealthy enclave of Fisher Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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