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New South Florida foreclosures dropped 53% in Nov.

As the backlog of foreclosure cases in South Florida slowly shrinks, fewer new cases are appearing on the docket. The South Florida Sun-Sentinel reports that there were 53 percent fewer new foreclosure filings in November compared with the year before.

According to the article, lenders filed 831 foreclosures in Palm Beach, Broward and Miami-Dade counties last month. Though that means that nearly 28 new foreclosures were filed per day in November, it actually represents the fewest such monthly filings in the region since at least January 2006, RealtyTrac says. Overall, the state’s foreclosure filings dropped 36 percent in November.

January 2006 is around the time the state’s housing bubble burst. Home value plummeted and homeowners who lost their jobs in the subsequent recession could not refinance, often leading to foreclosure proceedings.

As we have discussed before, foreclosure cases in Florida can take years to resolve. The flood of foreclosure filings led to a massive backlog, keeping many homeowners in limbo. But the backlog is ending, though not necessarily in homeowners’ favor. There were 1,845 repossessions in the tri-county area in November, 45 percent more than in November 2014.

South Florida remains among the parts of the U.S. most affected by foreclosure. As a metro area, it has the 12th-highest foreclosure rate, with one in every 645 homes at some stage of being foreclosed upon. So, residents may be less likely to be facing foreclosure than they were even a year ago, but it is still a reality for thousands of South Florida homeowners.

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