Foreclosure Sales Continue To Rise Across South Florida
SOUTH FLORIDA (CBSMiami) – Sales of foreclosured properties skyrocketed in the third quarter of 2012, new data reveals.
Miami-Dade County's foreclosure-related sales rose 43.9 percent in the third quarter from the second quarter. Sales jumped 21.8 percent from the third quarter of 2011 as banks sold off more properties, according to RealtyTrac info cited by CBS4 news partner The Miami Herald.
In Broward County, third-quarter foreclosure-related sales rose 38.9 percent from the prior quarter, but were down 24.5 percent from a year ago, the real estate data firm based in Irvine, Calif., said.
Daren Blomquist, vice president of RealtyTrac, said Miami-Dade, Broward and Florida generally are showing an increase in bank-owned sales, as well as mirroring the national trend of rising short sales.
"South Florida shows a pretty significant quarter over [prior] quarter increase in bank-owned properties being sold,'' Blomquist said. "It appears that banks are ramping back up and selling more properties.''
Foreclosure-related sales – including bank-owned properties and short sales – accounted for 32.5 percent of sales in Miami-Dade and 25.2 percent in Broward in the third quarter. Nationwide, 19 percent of all residential sales were foreclosure-related in the latest quarter, RealtyTrac said.
Across Florida, foreclosure-linked sales rose 47 percent in the third quarter from the second quarter and were up 16.9 percent from a year earlier.
(©2012 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed to this report.)
