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Pre-foreclosure listings provider Default Research’s data showed that the total count of homeowners who received foreclosure filings in counties of Broward, Palm Beach and Miami-Dade increased by just below one percent in February 2009.
This slight increase in foreclosure filings and foreclosure listings homes sold led Default Research to conclude that Florida foreclosures slowed in February.
The tri-counties posted a total of 7,467 foreclosure notifications last month, an increase of 28 units from the same month in 2008.
Serdar Bankaci, Default Research founder, pointed out that based on real estate indicators, the average home price in Florida continue to drop by almost 40 percent since three years ago.
However, the number of homes in foreclosure listings dropped steadily since December 2008, Bankaci noted.
Broward County posted an annual decline of 28 percent, while Palm Beach and Miami-Dade saw 51 percent and 11 percent increases, respectively.
The following are the total residential South Florida foreclosure listings by cities in each county:
Broward County:
- 242 homes in foreclosure listings in Miramar
- 240 homes in Fort Lauderdale
- 212 homes in Hollywood
- 180 homes in Pembroke Pines
- 177 homes in Pompano Beach
Palm Beach County
- 431 homes in foreclosure listings in West Palm Beach
- 266 homes in Lake Worth
- 219 homes in Boca Raton
- 177 homes in Boynton Beach, and
- 96 homes in Delray Beach
Miami-Dade County
- 2,235 homes in foreclosure listings in Miami
- 392 homes in Hialeah
- 119 homes in Miami-Beach
- 104 homes in Miami Gardens, and
- 93 homes in North Miami
Data from Florida Association of Realtors showed that there were 78,676 owners of single-family homes and condominiums who filed for foreclosures in South Florida between January to October 2008. For the same period, Palm Beach County saw 24,091 foreclosure filings, 32, 271 in Broward County and 22,314 in Miami-Dade County.
In 2007, South Florida reported foreclosure filings of 33,154, which increased to 75,730 filings in 2008.
Meanwhile, Default Research noted a 35 percent increase in the number of retail and commercial foreclosures in South Florida for the first two months of this year.
Bankaci explained that the recession and decline in consumer spending have forced businesses in the area to close. He added that because of increasing business failures, property owners find it hard to refinance which resulted to the rise in commercial foreclosures.