Foreclosures decreased in Broward, Palm Beach Counties last year

January 30, 2015 Posted by kingcade

Foreclosure cases dropped sharply in South Florida last year, another sign the housing market is recovering. Broward County had 6,287 filings in 2014, a 42% decline from 2013 and Palm Beach County had 3,920 filings, down 55 percent from the previous year, according to RealtyTrac.

Some real estate experts predict a new wave of cases this year, but it will not be enough to derail the housing market recovery- and it may even be a good thing because it will put more homes on the market for avid buyers. Others argue that these foreclosed homes typically are not in good condition because of poor maintenance, and a fewer number of foreclosures and a steady increase in property values will reduce the number of “desperate sellers.” A decline in these desperate sellers could mean we see better quality homes hitting the market.

Although total filings fell 24 percent in Florida last year, the state still ranked No. 1 in foreclosures nationwide, with 2.3 percent of all Florida housing units receiving a notice in 2014.

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