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Florida Counties Sell More thru Online Sheriff Auctions

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By : John Cutts    99 or more times read
Florida counties continue to sell more distressed homes through their online sheriff auctions. A dozen counties have launched their foreclosure auction websites to step up foreclosure sales and eliminate the backlog that has been overwhelming courts across the state since the start of the housing meltdown.

Among the Florida counties that launched their auction websites early this year were Miami-Dade, Palm Beach and Broward. All these counties sought to cut overall court costs, help move the foreclosure inventory and expand the access to the bargain-priced properties to more bidders.

As more out-of-state buyers and investors are planning to purchase home foreclosures for sale in Florida, it is also to the benefit of Florida sellers, lenders and the state if public auctions are also offered to these out-of-state bidders through a website so they do not need to travel to Florida during the auctions.

As the number of Florida foreclosed homes rose in May to 10,941 units from 9,259 units in April, the number of properties posted for sheriff auctions also jumped up to 17,430 from 16,216 in April. Default notices, foreclosure sale notices and bank repossessions in the state combined to post a total of 50,685 filings in May.

In Broward County, based on another report, foreclosure activity slowed in May compared to the same month last year. Around 2,000 homes were notified of foreclosure in May, down by a stunning 122 percent from 4,450 in May last year. Of the homes that were not saved and which eventually ended up as REO homes, a number of them are foreclosed homes for sale in Hollywood, FL.

Hollywood is a coastal city in Broward, enjoying its location between Miami and Fort Lauderdale and its access to international airports, popular cruise ports and major railroads.

Broward County hopes that the year-over-year drop in distressed properties that need to go through online sheriff auctions continues, so the housing market can recover from bargain prices.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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