South Florida Home Sales Up….Foreclosures Down

by Rodney Forbes on April 2, 2009

On Monday, we learned that more homes were selling, albeit at a lower price.

Now, a new report finds that the number of foreclosure filings in Miami-Dade, Broward and Palm Beach counties increased less than 1 percent in February, year-over-year, according to Default Research, a provider of preforeclosure listings.

The total number of foreclosure notifications recorded in the tri-county area was 7,467 in February, up from 7,439 a year prior, according to the Mt. Pleasant, Pa.-based company.

“Real estate market indicators show median home prices continuing to decline as home prices have dropped nearly 40 percent since 2006,” Default Research founder Serdar Bankaci said in a news release. “However, on a positive note, home inventories have been steadily declining in the past three months.”

Broward County saw a 28 percent yearly decrease, while Miami-Dade and Palm Beach saw increases of about 11 percent and 51 percent, respectively.

In South Florida, the five cities in each county with the most residential foreclosures are as follows:

Broward County

Miramar (242)
Fort Lauderdale (240)
Hollywood (212)
Pembroke Pines (180)
Pompano Beach (177)

Miami-Dade County

Miami (2,235)
Hialeah (392)
Miami-Beach (119)
Miami Gardens (104)
North Miami (93)

Palm Beach County

West Palm Beach (431)
Lake Worth (266)
Boca Raton (219)
Boynton Beach (177)
Delray Beach (96)

Default Research noted it has also begun to see more commercial and retail foreclosures. The number of commercial foreclosures in its coverage areas increased about 35 percent between January and February.

“As the economy continues to slump in South Florida and consumers spend less, businesses are being forced to close,” Bankaci said. “Consequently, when the commercial loans are due, property owners are unable to refinance, and that is contributing to the commercial foreclosure increase.”

Thanks to:South Florida Business Journal

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties.

Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc.

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