South Florida's foreclosure rate ranks 13th out of 212 metropolitan areas so far this year. One in 53 properties in Palm Beach, Broward, and Miami-Dade counties is in some stage of foreclosure. So far this year, the foreclosure rate for South Florida is 46,559 homes in foreclosure; up 24 percent from a year ago. The number of new cases increased 34 percent from last year.
However, the South Florida housing market has improved in the past few months. But, these numbers are a reminder that it will take time for South Florida to recover. Impeding the recovery is the prospect of more foreclosures in the coming months and a large number of homeowners who owe more than their properties are worth.
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