Foreclosures rose 11 percent in May in the Miami-Fort Lauderdale-Pompano Beach area, marking the sixth consecutive year-over-year increase, according to RealtyTrac.
Foreclosure activity in the greater Miami area was down 18 percent in May compared with April.
The year-over-year increases in foreclosures in the Miami area are expected to continue at least through the rest of 2012 as banks move ahead with foreclosures that stalled when various state attorneys general brought actions to protect consumers. Those cases settled and banks have a clearer path forward.
“Last year, there was an artificial decrease in Miami and many other markets, because lenders got into trouble for improperly foreclosing,’’ said Daren Blomquist, a vice president with RealtyTrac, an Irvine, Calif.-based data firm.
“In Miami particularly, I expect to see this trend continuing because there was such a large drop last year.’’
Overall U.S. foreclosure activity rose 9 percent in May from April, but was still down 4 percent from May 2011.
U.S. foreclosure starts rose in May from a year earlier after 27 months of year-over-year declines.
“The jump in May foreclosure starts shows that it’s going to be a bumpy ride down to the bottom of this foreclosure cycle,’’ Brandon Moore, CEO of RealtyTrac, said in a statement.