Despite the rebound of real estate and the slowdown in new foreclosure filings, community associations continue to face collections problems. Delinquent payments and foreclosures will remain issues. According to RealtyTrac’s April 2015 report, there was a surge in foreclosed homes across South Florida.
Banks repossessed 697 homes in Palm Beach County last month, up 54 percent from a year ago and the highest number since August 2013. Broward County had 1,359 repossessions, a 123 percent annual increase and the highest number since October 2010. Florida still had the nation’s highest foreclosure rate with one in every 425 homes in some stage of foreclosure last month, more than 2½ times the national average.
