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Foreclosures down 42% in Broward County, but could go up in 2015

The worst of Florida’s foreclosure crisis may be over, with new filings down 42 percent in Broward County last year. However, the state remains number one in the U.S. for foreclosures, and one expert believes there will be another wave of them in 2015.

The South Florida Sun-Sentinel reports that there were 6,287 foreclosure filings in Broward County in 2014. That represents a 42 percent drop from 2013. Next door, Palm Beach County had an even more dramatic drop in new foreclosures. Lenders filed for foreclosure on 3,920 properties there, 55 percent fewer than the year before.

Most of the foreclosure cases currently open on homes in the Miami area originated from 2004 to 2008, according to an executive with RealtyTrac. This further suggests that new foreclosures are going down.

This is good news for homeowners and the community in general, though it means that many people have been facing the loss of their homes for years. Broward and Palm Beach counties still have elevated levels of scheduled auctions, the stage of foreclosure where a judge has set a date for a home to be repossessed.

In fact, the RealtyTrac executive predicted that foreclosures in the area may go up in 2015, as lenders begin to understand the requirements of a new foreclosure law.

Even if the state’s foreclosure crisis has crested, it could be a while before it recedes completely. There will doubtless be thousands of new cases in 2015, many of them involving owner-occupiers who have no place to go if they lose their home to their lender.

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