The latest numbers on foreclosures and short-sales in South Florida are predicatbly horrific.
CondoVultures: Foreclosure actions in the tricounty South Florida region jumped by 25 per cent in the third quarter ending Sept. 30 on a year-over-year basis, reaching 22,411 lis pendens filings in Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
Broward, where Fort Lauderdale, Hollywood, and Pompano Beach are located, led the surge with 11,196 foreclosure actions filed between July and September 2009 compared to 7,960 actions filed during the same period in 2008, according to the report produced using the Condo Vultures® Foreclosure Database™.
Miami-Dade, where Miami Beach, Key Biscayne, and Sunny Isles Beach are located, experienced a 22 per cent increase in filings to 4,366 notices of default – the first step in the repossession process – actions in the third quarter of 2009 compared to 3,569 actions in 2008.
The part that really struck us though was this:
“The South Florida housing market has reached a fork in the road,” [CondoVultures Principal Peter Zalewski] said. “Going forward, the decisions of the federal government and the banking industry will more than ever ultimately determine where the housing market goes from here.”
Basically, if the government keeps pro-stimulative, cheap money policies in place, then things will level out. But if the government lets its actions expire, watch out.