South Florida Foreclosure Alert! South Florida Foreclosures Spike By 109 Percent! Only 2 other Markets Rank Higher
SOUTH FLORIDA FORECLOSURE ALERT! ATTOM Data Solutions is reporting that nationwide foreclosure filings are skyrocketing by double digits. They have increased 13% month over month in October. This is also the highest level of 2019. ATTOM Data Solutions’ latest U.S. Foreclosure Activity Report does not paint a very pretty picture for south Florida namely the Miami-Fort Lauderdale-Palm Beach market.
Foreclosure starts also rose monthly in 36 states. In addition, this also marks the first double-digit month-over-month increase since February 2018. The metro of Minneapolis-St. Paul market saw the highest increase in foreclosure starts in October. They surged 189% month over month. Foreclosures in the Cincinnati, Ohio-Kentucky-Indiana market skyrocketed 111%. This was followed by Miami-Fort Lauderdale-West Palm Beach which saw a 109% spike.
Meanwhile, foreclosure starts decreased by 36% in New Orleans. Pittsburgh and the Washington metro area were down 33%.
The spike in South Florida foreclosure filings appears to be a fairly recent phenomenon. Last month, Attom reported South Florida foreclosures had plummeted by 34.7% in South Florida to 1,812 filings from the third quarter of 2018. Attom’s October report also showed every 1 in 577 properties in Florida had a foreclosure filing in the third quarter. This is significantly worse than the national average of 1 in every 946 properties for the third quarter.