Waterfront homes are a popular purchase in Florida where the population grows by around 1,00…
Fort Lauderdale Properties For Sale | Fort Lauderdale Foreclosures
Shortage of inventory has blanketed the South Florida real estate market. RealtyTrac, the well-respected research firm and collector of data regarding the foreclosures in Fort Lauderdale, foreclosures in Broward County, Palm Beach County and Miami-Dade County and across the USA, recently released it’s foreclosure report for the month of September and the third quarter of this year and most of the findings were relatively positive. Bank repossessions, default notices, scheduled auctions, and the amount of foreclosure filed has declined 7% nationwide since August of this year and has decreased 16% since September of 2011. The report validates that these percentages are at the lowest they’ve been since July of 2007.
For the first time since 2005, Florida has shifted up to the top of the list for the states with the most foreclosure starts (LIS). Based on data released from RealtyTrac, the underlying cause for this is attributed to Florida being a judicial foreclosure state. In other words, the foreclosure agreement takes less time to process in states that don’t enforce involvement of the court in foreclosures. Some non-judicial states have gotten rid of the majority of their real estate owned properties (REO) and are in desperate need of more foreclosures.
Although this increase of foreclosures in Florida may seem like a negative piece of information for some, others such as Florida Realtors have stated that they wish there were more foreclosures to go around. A representative from Lang Realty located in Palm Beach and Broward counties told a local newspaper that they’ve recently noticed a decline in the amount of foreclosures his firm has been receiving this year. He also as states that his firm has been lacking in inventory have the ability to can take on as many foreclosures as their respective banks can give them.
National Foreclosure Reporting
The quarterly and monthly decline was influenced mostly by large drops in non-judicial foreclosure states including Texas, Georgia, Michigan, California and Arizona.
Many judicial foreclosure states like Illinois, New York, Florida, and New Jersey have produced year over year growth in 2012.
Foreclosure starts in the United States have declined compared to numbers from the last quarter and the third quarter of 2012.
Florida Foreclosure Reporting
September’s foreclosure starts in Florida has grown 24% on a year over year basis and represents the 11th consecutive month with an annual growth.
Florida bank repossessions or REO in Florida has grown 23% year over year and represents the 9th consecutive month with an annual growth.
The amount of foreclosure activity in Florida has grown 14% which may seem like a drastic increase but 9 states have reported a higher increase in foreclosure. The highest increase was reported by New Jersey in which foreclosure dealings increased a whopping 130%.
Throughout the third quarter of this year, 1 out of every 117 homeowners in Florida that took out a mortgage loan have reached some stage of foreclosure.
Throughout the third quarter, it took roughly 858 days to complete the foreclosure process in the state of Florida. This is a small decline from the 861 days reported in the second quarter. Florida ranks third in the nation for this category and is followed by New York that has an average of 1,072 days and New Jersey which takes roughly 931 days to completed the foreclosure process.
The Henri Frank Group Automatic Alert on Foreclosure Properties
The Henri Frank Group at REMAX Preferred in Fort Lauderdale, Wilton Manors, Plantation and RE/MAX Preferred Hillsboro Shores, Florida has many Fort Lauderdale properties for sale. Some of these Fort Lauderdale single family homes, condominiums and townhomes are foreclosure properties.
You can get connected to our Automatic Search which will alert you when a foreclosure property becomes listed in South Florida. These properties in South Florida sell quickly, so with the automatic search you can become aware of them immediately upon them being listed onto the market as Fort Lauderdale properties for sale.
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