MIAMI, FL--Lenders filed an average of 150 foreclosure actions per day in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties in the third quarter of 2010, according to a new report from CondoVultures.com.
As significant as that figure is, the current pace represents a 42 percent decrease in foreclosure actions on year-over-year basis compared to the third quarter of 2009 when lenders initiated 259 filings per day in South Florida, according to the report based on the Condo Vultures® Foreclosure Database™.
For the year, South Florida foreclosure filings are down 36 percent to an average of 179 filings per day between January and September of 2010.
During the same nine month span in 2009, lenders filed an average of 279 foreclosure actions per day, according to the report produced using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.
"New foreclosure filings are slowing dramatically in South Florida," said Peter Zalewski (top right photo) , a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Foreclosures actions - the first step in the repossession process - are still a significant problem for the region but the housing epidemic appears to be losing some momentum.
“The decrease in filings raises a fundamental question of whether fewer borrowers are defaulting on their mortgages or whether lenders are seeking other options besides the foreclosure process to deal with nonperforming residential loans."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
