Miami Area Ranks No. 1 in Foreclosure
Article Courtesy of The Miami Herald
By Martha Brannigan
Published November 14, 2014
The greater Miami area led the pack in foreclosure activity among the 20 largest metro areas in October, according to RealtyTrac.
|One in every 363 homes in metro Miami — covering Miami, Fort Lauderdale and Pompano Beach — had some type of foreclosure filing during October, the Irvine, Calif.-based data firm said. Foreclosure filings include default notices, schedules auctions, and bank repossessions.Foreclosure activity in metro Miami rose 11 percent in October from September, fueled by a 67 percent monthly spike in foreclosure starts, RealtyTrac said. However, foreclosure activity in the metro area was down 27 percent from a year earlier.Florida ranked second in foreclosure filing activity behind No. 1 Maryland during October, with one in every 444 homes in Florida receiving some type of foreclosure filing during the month.
Nationwide foreclosure activity also spiked in October, up 15 percent from September. Still, the level was down 8 percent from October 2013.
The Miami-Fort Lauderdale-Pompano Beach area had the highest foreclosure activity among the nation’s 20 largest metro regions in October, according to RealtyTrac.Lannis Waters/Palm Beach Post
In a statement, RealtyTrac vice president Daren Blomquist said the increased foreclosure activity broadly reflects lenders pressing forward on properties that have long been distressed. “Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction,’’ Blomquist said.