As any regular reader of this blog is likely aware, for some time now there has been a lull in the number of foreclosures being filed in the Miami area and throughout the country. The drastic reduction in the number of foreclosures being completed was due to the robo-signing scandal that first made the news in 2010.
The robo-signing scandal, in which certain lenders used questionable methods to complete foreclosure paperwork quickly, was uncovered in October 2010. After it was exposed, banks throughout the nation were forced to stop foreclosures while new procedures were developed to ensure that the process was being completed properly.
It appears that the lull is now ending. This assertion is supported by a report issued by RealtyTrac, which surveyed 212 metropolitan areas including some located in South Florida.
To provide some perspective on the situation, the quarter preceding the robo-signing scandal coming to light, Miami reported around 58,000 foreclosure filings. In the first three months of 2011, that number decreased dramatically to 19,000. Currently, the number is on the incline, with Miami reporting around 26,000 in the first quarter of 2012.
As expected, Miami's increase in the number of foreclosure filings in the first quarter of 2012, arrived after the $26 billion robo-signing settlement was approved. In the first three months of this year, the number of foreclosure filings increase 37 percent compared to the previous year. Though only time will tell, the trend is one that will likely continue. We will continue to provide updates on the foreclosure situation in South Florida as it becomes available.
Source: Collections & Credit Risk, "Foreclosure Filings On An Upswing," April 27, 2012
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