Is 2010 the year where Miami Beach condos falling into foreclosure will finally become a thing of the past? That may or may not be wishful thinking but the year is certainly off to a very good start. Per a recent report, lenders filed less than 5,800 notices of foreclosure in January, a number that despite being large is actually seven percent less than those of the year before.
Back in 2009 Miami-Dade County along with Broward and Palm Beach had over 6,000 notices of foreclosure at the start of the year, which is an increase from 4,100 in 2008. This year marks the first time that the number has actually gone down. In Miami-Dade County specifically, there was a huge 33 percent drop in foreclosure filings last month. What’s allowing a greater number of people to hold onto their Miami Beach condos?
It appears that the drop in foreclosures may be a viable indicator that the Obama administration’s efforts to modify loans are working. Also, a greater number of lenders are trying to reduce their glut of foreclosure inventory by working with distressed borrowers to achieve a better monthly payment. Should these numbers hold up, 2010 could end with fewer foreclosures than previous years, paving the way towards brighter days when it comes to Miami Beach real estate.