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Foreclosure boost for South Florida

Friday, March 05, 2010

New figures have revealed that South Florida foreclosure actions are slowing down in 2010.

Lenders filed 19 percent fewer foreclosure actions in South Florida in February compared to a year earlier, but the current pace of defaults for the month still averages out to 239 filings per day in the tri-county area, according to a report from CondoVultures.com.

Lenders filed 6,680 foreclosure actions in February 2010 compared to 8,200 actions in February 2009 and 5,500 actions in February 2008, according to the report.

"The pace of the foreclosure actions is slowing in 2010 but still remains a huge challenge for lenders and an opportunity for buyers,'' said Peter Zalewski, a principal with the Bal Harbour-based real estate consultancy Condo Vultures.

"Lenders are increasingly coming to the conclusion that short sales -- where a property is sold at a price that is short of the existing mortgage amount -- are a more financially advantageous method of unloading troubled properties than actually foreclosing out a borrower.''

Miami-Dade County foreclosure actions fell 30 percent to 1,670 in February compared to last year. Broward County foreclosures fell 7 percent to 3,188. Palm Beach County foreclosures fell 24 percent to 1,822.

Source: www.miamiherald.com

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