Foreclosure Rates Rise in South Florida, Creating an Opportunity for Buyers

Rate this post

Back in February, state attorneys general reached an agreement with large US banks regarding how to handle thousands of pending foreclosures across the country.

The main thrust of the agreement was the acknowledgement by banks that they filed invalid or bogus documents to speed up repossessions of foreclosed homes. As a result, banks paid out millions of dollars to assist homeowners facing foreclosure, which, on the surface, seems like good news.

However, the agreement also “cleared the deck,” as it were, providing greater transparency into the foreclosure process, thereby – in theory – making it easier for banks to accelerate the foreclosure process. 

At a national level, this has yet to happen. In February of 2012, bank foreclosures were down by 15 percent in January, and 15 percent from 2011. 

The same can’t be said for South Florida, however. Palm Beach, Broward, and Miami-Dade counties, for example, saw a 53 percent rise in foreclosure filings over 2011. Tampa saw a spike of 64 percent, and rates are equally high in areas like Boca Raton and  Boynton Beach Foreclosures.

This bad news for homeowners can be good news for buyers.  BPO Realty LLC specializes in Boca Raton or Boca Raton foreclosures, and can help you find a new property at a low price – even those not listed on the market.  Check out lists of Boynton Beach Foreclosures,  Boca Raton Foreclosures,  Boynton Beach Homes For Sale, and more.