Foreclosures spike in South Florida, report says. Here's why.

Foreclosure actions in South Florida have recently spiked, according to figures from Attom, an Irving, California-based curator of real estate data.

As of August, there were 994 foreclosure actions in South Florida, an increase of 51% from July and up 10% year-over-year from August 2022, Attom figures indicate..

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The bulk of those South Florida actions were in Miami-Dade where there were 381 foreclosure starts, notices of foreclosure sales, and real estate owned (bank seized) properties, an increase of 44% from July. However, the total number of foreclosure actions decreased by 4% year-over-year in Miami-Dade.

Broward County, which had 376 actions, posted a 66% increase in total foreclosure cases from July – the highest month-to-month jump of South Florida’s three counties. Year-to-year, the number of foreclosure actions in Broward went up 18%.

In Palm Beach County, there were 237 foreclosure actions, an increase of 40% from July and a hike of 26% year-over-year.

Still, South Florida’s foreclosure rates aren’t anywhere near the highest in the nation, as just one property out of every 2,639 were under foreclosure. In contrast, there was a foreclosure action for every 1,471 properties in the metro area of Columbia, South Carolina; for every 1,796 properties in Las Vegas; and every 1,848 properties in Jacksonville, according to the recent Attom report.

In terms of foreclosure starts (pending foreclosure suits and notices of trustee sales), South Florida did record an increase of 63% since July, putting the Miami metropolitan area among the five metro areas with the highest foreclosure starts, which includes Austin, Texas (up 79%), Nashville, Tennessee (up 77%), Raleigh, North Carolina (up 73%), and Riverside, California (up 68%).

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Nationwide, there were 33,952 U.S. properties under some sort of foreclosure filing, up 7% from a month ago but down 2% from a year ago, the Attom report stated.

South Florida’s real estate market took off during the pandemic as high-income households and companies relocated from other regions. That caused property rates and rents to climb.

In terms of home prices, the median price for a home in South Florida was $605,000 in July, a 1.7% increase from a year ago, but a decrease of 2.89% from the previous month, according to figures from Florida Realtors. Home sales meanwhile, have declined by 8.1% in July, from the previous year.

Read More: South Florida home sales fall, price growth slows in July

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