Kimberly Miller, Palm Beach Post
Foreclosure filings plummeted in November, showing the biggest declines nationwide since 2005 as the robo-signing fracas forced lenders to pause and review flawed or possibly fraudulent paperwork.
The nationwide drop of 21 percent in overall activity from October, as reported Wednesday by the real estate analysis company RealtyTrac, was mirrored in Florida, which saw November foreclosures fall 42 percent from the previous month.
In Palm Beach County, November foreclosure filings – initial defaults, sale notice and bank repossessions – plummeted 55 percent compared to October.
The declines came as no surprise following the temporary moratoriums placed by banks on foreclosures earlier this fall. November and December are also traditionally slower months as some lenders give troubled homeowners a break for the holidays.
But the delays won’t last forever, and foreclosure defense attorneys said they expect to see home takeovers increase once again in January with banks revving up their foreclosure machines to make up for lost time.
“Many of the lenders have dusted off the robo-signer issue as a mere technicality,” said foreclosure and bankruptcy defense attorney Donald Tiller of the Palm Beach Gardens-based Tiller Law. “But I know that lenders have now moved forward in many cases, so look for January and maybe December to show increases.”
The most dramatic declines in foreclosure filings in Florida came in the form of initial defaults and notices of foreclosure sales. An initial default is the first document filed by the lender notifying the owner of a foreclosure proceeding. Sale notices are issued after a final foreclosure judgment is entered and an auction date is set.
Statewide, sale notices fell 46 percent from October. In Palm Beach County, they fell 87 percent.
Initial defaults fell 52 percent statewide in November from the previous month, with Palm Beach County’s defaults dropping 46 percent.
