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Foreclosure activity on the rise in Miami-Dade County and Florida

Recently, the South Florida Business Journal reported on some foreclosure statistics. The statistics are from RealtyTrac and they regard foreclosure filings in Miami-Dade County and Florida as a whole in January. The statistics indicate that, in January, foreclosure activity went up in Miami-Dade County and Florida as a whole.

Reportedly, 3,737 foreclosure filings were made in Miami-Dade County in January. Thus, around one out of every 265 homes in the county received a foreclosure filing in January. Reportedly, this foreclosure filing total is 50 percent greater than Miami-Dade County's foreclosure filing total from January of 2011. Thus, it appears that Miami-Dade County saw a fairly significant year-over-year rise in foreclosure activity in January.

Florida as a whole also saw a year-over-year rise in foreclosure activity in January, with default notice filings in the state going up on a year-over-year basis for the third consecutive month and the state's foreclosure filing total going up on a year-over-year basis for the first time in over a year.

Thus, the statistics indicate that foreclosure activity in Miami-Dade County and Florida was up this January as compared to last January. Reportedly, many suspect that we will continue to see rises in foreclosure activity as 2012 progresses. One wonders whether this will prove to be the case. One also wonders, if we do see continued increases in foreclosure activity in upcoming months, what short-term and long-term effects such increases will have on homeowners in Florida.

Thus, it will be interesting to see what happens with foreclosure activity in Miami-Dade County and Florida as a whole in upcoming months.

Source: The South Florida Business Journal, "January foreclosure filings grow by 50% in Miami-Dade," Oscar Pedro Musibay, Feb. 16, 2012

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