South Florida Could Reach 200,000 Foreclosures in First Quarter

by Isaac Benmergui, Esq on February 19, 2013

gavelwithhouseSouth Florida’s turnaround real estate market may be marred by 200,000 foreclosure cases in the first quarter 2013. No one disputes that the real estate market has improved significantly in the region, but with a record number of foreclosures due to complete in the first quarter 2013, that healthy rebound may be threatened.

No other year has seen as great a number in foreclosure actions as 2013. In 2012 the total number of filings actually dropped compared to previous years. In 2010, more than 57,600 actions were filed. In 2009, nearly 98,300 actions were filed.

Homeowners are left wondering if lenders will continue to use alternative solutions to foreclosures, including loan modifications or short sales to help them stay in their homes. Nearly 14% of all distressed properties on the market in South Florida are bank-owned units and short sales.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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