May 2010 showed a 49% decrease in the amount of foreclosure filings in South Florida compared to May 2009.
In May 2009, 8,350 foreclosures were initiated in the tri-county area. But last month, only 4,250 tri-county homes filed for foreclosure.
Foreclosure filings are down 50% in Miami-Dade County, 55% in Broward County, and 36% in Palm Beach County.
This decline in foreclosure filings is attributed to South Florida lenders' efforts to modify mortgages and accept short sales.
Tuesday, June 8, 2010
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