Mount Pleasant, PA, October 26, 2011 --(PR.com
)-- South Florida’s real estate market, decimated by the on-going real estate crisis, continues to show mixed results based on the latest pre foreclosure filing
data compiled by Default Research, Inc. The numbers show that in the 3rd quarter of 2011, Broward County, FL saw Lis Pendens filings decline by a robust 24% compared to the second quarter of this year, while Miami-Dade and Palm Beach Counties saw modest increases in Lis Pendens filings, 9.79% and 10.82%, respectively.
“The numbers look really good in Broward County, compared to the numbers turned in by Miami-Dade and Palm Beach Counties. It’s important people not assume that these somewhat better numbers are indicative of a lasting trend in the South Florida real estate market,” Default Research, Inc. Vice President Burt Cooper, said. “Remember, the industry was embroiled in controversy last year when allegations of widespread mortgage documentation problems cast doubt on millions of residential mortgages.
“As lenders revamp their procedures, I expect to see sharp increases in the overall number of Lis penden filings
. These streamlined procedures could lead to short-term increases in foreclosure filings. Only time will tell how well Florida’s court system will be able to absorb these increases, or if the average length of time it takes for the foreclosure process to play out is dramatically impacted.”
The three Broward County cities with the most Lis Pendens filings were Mirmar (102), Ft. Lauderdale (97) and Pembroke Pines (84); Miami-Dade County was led by Miami (797), followed by Hialeah (163) and Homestead (59); Palm Beach County was led by West Palm Beach (127), Boca Raton (75) and Boynton Beach (68).
Lis Pendens filings are used as early indicators of real estate market trouble because it is the first step in a lender reclaiming ownership of mortgaged properties when scheduled mortgage payments are not made.
Cooper noted that, although the South Florida residential real estate market has multiple hurdles to cross in its quest to spring back to life, there are multiple buying opportunities for investors armed with good data.
“There are lots of bargains to be had right now. Investors with ready access to investing capital can buy distressed real estate at bargain basement prices, make modest repairs, and then hold properties as income-producing assets,” Cooper said. “The key is to find the right properties at the right time. Keep in mind, the real profits come later, after the market comes back to life. Until then, investors can enjoy positive monthly cash flow, which means that the current market can be a win-win proposition.”
Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com