A year after the “robo-signer” scandal slowed down the foreclosure process, foreclosures are picking up again in South Florida. According to RealtyTrac, July & August produced a 12.3% increase in foreclosure actions in the tri-county region. Miami-Dade, Broward, and Palm Beach Counties all experienced increases in foreclosure-related activity ranging from 4.3% to 19%. One byproduct of the increase in foreclosures is an increase of homes entering the already depressed market. This influx of inventory is all but guaranteed to push home prices down even further.
Since September 2010, when lenders put foreclosures on hold to investigate problems with foreclosure procedures, we began to see a decrease in the amount of foreclosure activity. As a result, property values in Miami-Dade and Broward Counties began inching up. However, now that foreclosure activity is starting to pick up again, experts are warning. They say that rising foreclosures may hurt already depressed home values. And, any gains we have seen will be wiped out.
If you are among the many South Florida homeowners whom this increase in foreclosure activity affected and you have questions about how to save your home or prevent foreclosure, please feel free to contact my office at 954-484-9987. Or, send an e-mail to firstname.lastname@example.org, or complete the contact form below.