News Column

S. Fla. Foreclosure Sales Up in 3rd Quarter

Dec. 6, 2012

Martha Brannigan

Miami-Dade County's foreclosure-related sales rose 43.9 percent in the third quarter from the second quarter and jumped 21.8 percent from a year earlier, as banks sold off more properties, according to RealtyTrac.

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.

Source: (c)2012 The Miami Herald Distributed by MCT Information Services

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