South Florida foreclosure filings fall by half
Because unemployment is rising, the 50 percent drop in new South Florida foreclosures could be an aberration.
New foreclosure filings in South Florida plunged 50 percent from May to June, but with unemployment still on the rise, the numbers could be more fluke than the hoped for green shoots of recovery.
The number of homes in Miami-Dade and Broward entering the foreclosure process fell 40 percent and 60 percent, respectively, according to numbers released Thursday by foreclosure listing service RealtyTrac. Statewide, new foreclosure filings fell 19 percent.
Lenders, however, took back nearly double the number of homes through foreclosure auctions, even amid enhanced efforts to make mortgage payments more affordable through loan modifications.
Keith Gumbinger, a vice president at mortgage industry publisher HSH Associates, called the data encouraging, but said it could also reflect less positive changes such as an increase in short sales, in which mortgage-holders sell their homes for less than the mortgage amount owed against them to side-step the foreclosure process.
SOUTH FLORIDA REAL ESTATE - South Florida foreclosure filings fall by half
Housing Starts Jumped in June From Prior Month
Silicon Valley home sales at three-year high
© relistr.com privacy policy