Miami Condo Market and Lifestyle Updates
Florida Foreclosures May Signify Recovery Reversal

Florida Foreclosures May Signify Recovery Reversal

by Sep Niakan | February 15, 2013

The most recent data from real estate information company RealtyTrac show a Florida housing market at odds with most of the rest of the country. Not only does the recent foreclosure trend in the state contradict the prevailing housing recovery underway throughout the rest of the country, but has also become so severe as to place Florida as first in the nation for foreclosure activity. Even as foreclosures are on the decline nationally, Florida filings were up 3 percent over-the-month in November 2012 and a painfully high 20 percent over November 2011.

Statewide, foreclosure activity is present in one out of every 304 residences, and even worse in some of the major metro areas. The state rate is over two times the national average but metro areas such as Miami, Fort Lauderdale, and Pompano Beach measure rates of one in every 260 residences. Indeed, seven of the top ten foreclosure-ridden metro areas are located in Florida. It is important to note that the statistics refer to all foreclosure activity, including default notices, repos, and scheduled auctions.

Commenting on the foreclosure issue, Daren Blomquist, vice president of RealtyTrac said, “This is injecting a little reality into the Florida housing market. I don’t think this will crater housing prices, by any means. In markets that are very strong, it may not lower prices at all. It will definitely dampen things. It’ll be a drag on the market.”

The more expensive and time-consuming court proceedings necessary in Florida makes the distinction even more prominent; most states handle foreclosures administratively. A look at the November foreclosure numbers is sobering with a 7 percent rise in foreclosure starts over-the-year, a 51 percent surge in scheduled auctions, a 15 percent jump in bank repositions in a twelve-month period. Joining Florida in the top five foreclosures list are, in descending order, Nevada, Illinois, California, and South Carolina.

Recent posts

Lifestyle

Get more from the Outdoors with these Awesome April Events in Miami

by Sep Niakan | March 26, 2017

Spring’s in full swing, and you should be too! There is a big bunch of events happening around town that will definitely get you up and outdoors. From kid to foodie, corporate and LGBT friendly, there’s an event for everyone to enjoy...

Lifestyle

How Ultra-high-end Brands Are Transforming Miami’s Luxury Condo Real Estate

by Sep Niakan | March 19, 2017

Miami has long been associated with beaches, star studded events and celebrity second homes. But, given the current wave of high-end condo developments, it won’t be long before we’re known as the first choice for global elite with...

Real Estate News

Miami Luxury Condo Report : February 2017

by Sep Niakan | March 17, 2017

Whether you’re a seller or buyer, being inquisitive about the market you’re dealing in is natural. In order to take the guesswork out of the Miami luxury condo market, I’m beginning with a series of monthly reports that will give...

Lifestyle

Top 10 Luxury Waterfront Miami Condo Neighborhoods for Snowbirds

by Sep Niakan | March 14, 2017

When most of those up North have to bundle up to battle winter blizzards, we site on our balconies and patios in our Miami condos and homes enjoying a balmy 65-75+ degrees in. Year-round lush greenery, white sandy beaches, warm glitzy waters and the...