Miami foreclosed homes for sale grew again in the third quarter, based on data from Florida-based Condo Vultures LLC.
Default and foreclosure postings in Miami-Dade County, where Miami Beach, Sunny Isles Beach and Key Biscayne are located, increased by 22 percent to 4,366 in the July to September quarter, up from 3,569 in the same quarter last year.
As of September 28, the inventory of homes for resale in Miami-Dade was more than 27,000, marking a decrease of 34 percent compared to more than 40,000 of available pre-owned homes for sale in November last year.
According to Condo Vultures executive Peter Zalewski, foreclosure postings continue to grow in South Florida, despite the slower pace of growth compared to the same period last year.
Throughout South Florida, which covers the counties of Miami-Dade, Palm Beach and Broward, foreclosure cases in the July to September quarter climbed up by 25 percent compared to the third quarter last year. Total foreclosure filings reached 22,411 in the three counties.
Of the three counties, Broward had the highest increase rate with more than 11,000 foreclosure filings, followed by Miami-Dade. Palm Beach had the lowest increase rate, but its total of more than 6,900 filings was higher than those of Miami-Dade.
Housing advocates in South Florida cite the high unemployment rate in the area as a major factor in the continued growth of Miami foreclosed homes for sale. The jobless rate in Miami-Dade remained at 11.7 percent in August, still higher than the statewide rate of 10.9 percent and much higher than that nationwide rate of 9.6 percent. The rate is also higher than the overall rate in South Florida, which was 10.8 percent.
Compared to its fellow South Florida counties, Miami-Dade has a higher percentage of unemployed residents. Broward posted a 9.5-percent rate while Palm Beach posted 11.3 percent. All the unemployment rates were much higher than jobless rates in August last year.
Homeowners in South Florida said that even with stable jobs, they are still struggling with their monthly loan payments, so if residents lose their jobs, they also lose their homes.
They said that many of them were not able to get approval for their loan modification applications because of the sharp drop in home values. They also said that even if their loans are modified, the monthly payments are still higher because they took out option adjustable-rate mortgage loans.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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