Miami Foreclosure Listings Still Growing, Prices Falling
Miami foreclosure listings continued to grow in November, based on data from a California-based real estate research firm.
A total of 7,306 foreclosure actions were filed in Miami-Dade County in November, equivalent to one foreclosure for every 133 households. The total marked an increase of nearly 13 percent from November 2008, but marked a 5.6-percent drop from October.
In a chart ranking metro areas based on foreclosure rates in November, the metro area covered by Miami, Pompano Beach and Fort Lauderdale was 13th, with one foreclosure for every 136 homes or a total of 17,726 filings. The pace of foreclosure slowed down by 0.91 percent from the previous month, but stepped up by nearly 12 percent from November last year.
In Broward County, 7,099 households were hit with foreclosure postings, equivalent to one foreclosure for every 113 homes. The pace marked a 4.4-percent increase from October and a 4.3-percent jump from November last year.
In Palm Beach County, a total of 3,321 foreclosures were posted or one foreclosure for every 192 homes. The pace marked a jump of 0.87 percent from October and a substantial increase of nearly 27 percent from November last year.
Meanwhile, a real estate research consulting firm specializing in condos also released its report on Miami foreclosure listings in November, but the numbers were much lower. The firm said it based its figures on government records.
A total of 1,808 properties in Miami-Dade County were put into the foreclosure process in November, an 18-percent increase from the 1,528 units hit with foreclosure postings in November last year.
In neighboring Broward County, a total of 3,305 properties were notified of default or foreclosure, marking a 9-percent rise from 3,031 postings in November 2008. In Palm Beach County, almost 1,900 units were put into the foreclosure process, a significant jump of 24 percent from the November 2008 total of 1,526.
All in all, over 7,000 foreclosure postings occurred in the region occupied by the counties of Miami-Dade, Palm Beach and Broward, marking a 15-percent jump from 6,085 foreclosures in November last year and a substantial jump of 76 percent from 3,986 filings in November 2007.
If the November foreclosure pace continues into December, the three counties will experience about 97,000 foreclosures this year, an increase from 75,000 foreclosures filed last year and a substantial increase from 33,000 filings in 2007.
