New foreclosure cases fell sharply across South Florida in November, though the number of homes repossessed by banks increased as courts clear dockets of bad mortgages originated during the housing bust.
Palm Beach, Broward and Miami-Dade counties totaled 831 foreclosure filings last month, a 53 percent drop from November 2014, according to the RealtyTrac listing firm. It was the fewest number of starts for the tri-county region since RealtyTrac began counting in January 2006.
Young professionals are better off buying a home than renting one, but it’s not nearly the deal it was three years ago.
Buying is 44 percent cheaper than renting in Broward County, according to Trulia.com, a real estate website. That’s tied with Syracuse, N.Y., for the nation’s third-highest difference, after Houston (46 percent) and Baton Rouge, La. (45).
In 2012, with home prices rebounding from the bottom, buying beat renting in Broward by 56 percent.
Higher home prices and continued stability on the employment front helped reduce new foreclosures across South Florida in September and the third quarter.
New cases in Palm Beach, Broward and Miami-Dade counties dropped 13 percent last month from a year earlier, according to the RealtyTrac listing firm. For July through September, starts fell 15 percent, to 3,293 from 3,875 a year ago.
Foreclosure filings have declined in South Florida for 10 consecutive quarters, RealtyTrac said.
South Florida’s housing market continues to inch higher on a national index released by mortgage company Freddie Mac.
The tri-county region of Palm Beach, Broward and Miami-Dade counties scored 83.7 in July on Freddie’s Multi-Indicator Market Index, up 14 percent from a year ago.
The index measures housing markets across the country by tracking home loan applications, affordability, mortgage loan delinquencies and employment. A composite score of at least 80 is considered favorable or stable. A perfect score is 100.
Officially postponed: The public vote on a lease that would clear the path for a headquarter hotel next to the Miami Beach Convention Center.
At Wednesday’s Miami Beach city commission meeting, commissioners did not consider placing the item on the November ballot.
Developer Jack Portman, who wants to privately finance a $400 million, 800-room hotel that would rise up 30 stories on public land behind The Fillmore Miami Beach at the Jackie Gleason Theater, requested the delay.