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Miami-Dade County and Florida see decrease in foreclosure activity

Last post, we discussed bankruptcy statistics regarding Miami-Dade County. This post, we will be discussing some foreclosure numbers from the county.

Recently, the South Florida Business Journal reported on statistics regarding foreclosure filings in July. Reportedly, in July, 2,814 foreclosure filings were made in Miami-Dade County. This reportedly is around 60 percent fewer foreclosure filings than were made in the county in July of 2010. Thus, the county saw a significant year-over-year drop in foreclosure activity last month.

Florida as a whole reportedly saw a similar drop. According to the South Florida Business Journal, 22,377 properties in the state had foreclosure filings in July. This foreclosure filing total is reportedly 57 percent lower than the total the state saw in July of 2010. As we mentioned in a previous post on this blog, the state saw similar year-over-year decreases in foreclosure activity in the first half of this year.

Thus, Miami-Dade County and Florida as a whole appear to be continuing to see drops in foreclosure activity as compared to 2010.

This trend gives rise to some interesting questions. What is causing this trend to occur? How long will this trend continue? What short-term and long-term effects will this trend have on consumers in Miami-Dade County and Florida as a whole? What effects will this trend have on the economy of the county and the state? What will happen once this trend stops? The answers to these questions could have major impacts on consumers. Thus, it will be worth keeping an eye on how these questions are eventually answered.

Source: South Florida Business Journal, "July foreclosure filings down in South Florida," Aug. 11, 2011

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