Lenders filed only half the number of foreclosures in the second quarter of 2011 in the tri-county region of South Florida as they did during the same period last year, according to a new report from CondoVultures.com.
Lenders filed almost 7,200 notices of default – also known as Lis Pendens – between April and June in Miami-Dade, Broward and Palm Beach Counties, the Bal Harbour-based brokerage reported.
Nearly 1,000 of the actions – roughly 13% – were filed by entities related to Wells Fargo Bank, ranking it as the most aggressive lender in the region in terms of foreclosures, the report said.
During last year's second quarter, lenders filed nearly 14,800 foreclosure actions. But that's a far cry from the 28,400 filed in the second quarter of 2009, or even the 20,250 filed in QII ‘08. Filing a notice of default is the first step in the repossession process.
