South Florida is in the clean-up phase of the foreclosure crisis.
RealtyTrac Vice President Daren Blomquist says new filings are down in the last month, as the Miami-Fort Lauderdale market finally turns the corner on the foreclosure crisis journey.
RealtyTrac's latest report shows, even as foreclosure starts are down, foreclosure auctions are on the rise as banks try to get rid of the inventory.
Blomquist says foreclosure starts in the Miami-Fort Lauderdale market are down 61 percent, but foreclosure auctions are up 38 percent, as banks try to get the properties off their hands.
Foreclosure-related activity in Florida is still higher than anywhere else in the country.