The number of foreclosed property cases, including those related to bank foreclosed houses and HUD homes, has declined in most areas of Florida during the October-December 2010 period when compared with the third quarter of last year. Both the total of introduced and cleared cases declined during the fourth quarter.
The number of Pompano Beach bank foreclosures and other foreclosure cases in the rest of Broward County declined by 62% last quarter to 3,784 from the 9,813 recorded in the July-September 2010 period. Broward was joined by Palm Beach County, which also recorded a 62% drop when fourth quarter foreclosure cases totaled 3,918 from a third quarter total of 10,236.
The drop in foreclosure action cases getting cleared at the courts also resulted in a decline in the number of Florida foreclosures for sale during the 2010 fourth quarter. According to housing industry analysts, part of the reason for the decline is the moratorium on the processing and selling of foreclosures implemented by several lenders during the fourth quarter of last year.
They warned that people should not be misled into believing that the drop in foreclosure cases and in the number of bank foreclosures and HUD homes is a sign that the state's housing market is stabilizing. Most of them argued that this slowdown is just temporary, and 2011 will likely produce higher number of cases as lenders re-start foreclosure actions on homeowners who were given a temporary reprieve when the moratorium was put in place.
Furthermore, analysts stated that those who buy foreclosed homes for sale will likely find more supplies flooding the market this year, with prices of housing units expected to decline even further than the previous period. The good thing about the lull, analysts stated, is that the state's court systems were able to cut down their pending cases backlogs by almost 25% as total filings also declined during the fourth quarter.
Court data showed that Florida was able to reduce its backlogs by over 100,000 cases. However, over 350,000 foreclosure actions are still waiting in the courts and these cases will be likely started this year, leading analysts to predict that bank foreclosures and HUD homes numbers will exceed those recorded in 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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