South Florida continues to experience one of the highest foreclosure rates in the country, according to a recent report by Attom, a real estate data analytics firm. The report highlights that while the national foreclosure rate decreased in August, foreclosure actions in Florida surged.
Nationally, foreclosures dropped by 11% from the previous year and 5.3% from July 2023. However, Florida experienced the opposite trend, with foreclosure activity rising 15.71% from July and 2.64% from the previous year. Florida now ranks second in the nation for foreclosures, with one in every 2,605 housing units facing foreclosure, accounting for a total of 3,807 properties. Only Nevada had a higher foreclosure rate, with one in every 2,473 unitsunder foreclosure.
South Florida Foreclosure Trends
The report underscores that South Florida is particularly affected, with one in every 2,429 housing units facing foreclosure in August—ranking it 12th among large metropolitan areas nationwide. In the tri-county area (Miami-Dade, Broward, and Palm Beach counties), a total of 1,088 housing units were under foreclosure. Foreclosure actions in the region increased by 9.9% from July and 9.46% from the previous year.