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Foreclosures Rise

October 14, 2011 by staff 

Foreclosures RiseForeclosures Rise, After a slowdown in one year, South Florida machine foreclosure seems to be gearing up again.

New reports of two followers of the industry indicate that lenders are beginning to accelerate their recovery at home and practice, which has been hampered due to last year’s “sign theft” scandal.

In the third quarter of foreclosures rose by 13.2 percent to 9170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate firm RealtyTrac research.

In Broward, the total claims increased by 36.9 percent in the third quarter of 7712.

“While foreclosure activity in September and the third quarter continued to record well below levels a year ago, there is no evidence that this temporary downward trend is about to change direction, with foreclosure activity began slowly to develop a backup, “RealtyTrac CEO Jeff Saccacio, said in a statement.

Foreclosures began to plummet in September 2010, major banks launched the moratorium to address the problems of paperwork. Providers found that employees and members had been signing thousands of foreclosure documents without proper review of the details of each case. The increases are an indication that delay foreclosures by the slowdown is beginning to make their way through the system, albeit slowly, in Miami-Dade, the process takes about two years.

Bank repossessions – the final stage of foreclosure rose 50 percent in Miami-Dade 2296 during the third quarter. In Broward, bank repossessions increased from 1397-2296, an increase of 64.3 percent.

Foreclosure totals are still far below pre-downturn numbers last year, but the trend lines have begun to move upward again, said Lloyd McClendon, chief executive of real estate firm RealAuction.com auction

“The numbers are much higher when all was full, but you can see the banks are beginning to present again,” he said.

According to data from RealAuction.com, home foreclosure auction of Miami-Dade and Broward, auctions in October rose more than 200 percent from September. In Miami-Dade, for example, the number of scheduled auctions increased from 667 in September of 2077 in October.

Similar increases took place in Broward County and throughout Florida, said McClendon.

However, it takes an average of 749 days for the foreclosure process to run its course in Florida, the third highest in the nation, RealtyTrac found. With more than 150,000 properties in South Florida and will be stuck in court or seriously behind on payments, which could take years to clean up the portfolio.

On Wednesday, Gov. Rick Scott approved a loan and 45.6 million for the state court system, the funds can be used to help gradually reduce the number of foreclosure cases stuck in court. The financing of the court, along with more aggressive lenders, could lead to faster foreclosures in the future.

The increase in new initial filings of foreclosure is a national trend, new default notices nationwide rose 14 percent in the third quarter.

Saccacio said that’s an indication that “lenders are cautiously throw more fuel on the fire of foreclosure after spending months trying to clean the chimney of foreclosures filed neglected.”

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