Bank foreclosures in Florida's condo sector are being enforced by homeowner associations through a process called reverse foreclosure to compel banks to pay past-due maintenance fees and association dues.
Sales of condominium units in the Fort Worth and Dallas areas have risen during the past few months. Although other types of property sales like sheriff sales and residential property auctions have hit a dry spell, townhouses and condos are experiencing the opposite and seems to be making up for lost time and profits.
Fort-Lauderdale home foreclosures continued to rise in January as job losses, negative equity and toxic mortgages combined to push homeowners into financial distress. Almost 7,700 households received foreclosure notices in January in Broward County, where Fort Lauderdale is the county seat.
Housing overvaluation and overbuilding are two of the major reasons for the record numbers of foreclosed homes in Florida. In February, foreclosures in Florida surged again to more than 54,000 filings.
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