MiamiRealEstateKing

South Florida Foreclosure Filings Drop 63% In November

In real estate on December 8, 2010 at 8:39 pm

Lenders filed less than 2,600 foreclosure filings against properties in the tricounty South Florida region in November, representing a 63 percent decrease compared to 7,000 actions in the same month in 2009, according to a new report from CondoVultures.com.

The dramatic decrease in foreclosure filings in November in Miami-Dade, Broward, and Palm Beach counties follows a 54 percent decrease in the number of notices of defaults initiated a month earlier in October 2010, according to the report based on the Condo Vultures® Foreclosure Database™.

“This is a clear sign that the administrative irregularities related to the national foreclosure freeze are impacting the South Florida real estate market,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. “The latest statistics show that lenders have slowed their efforts to repossess South Florida properties from borrowers who are in default on their mortgages.”

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