Home Auctions Blog

Online Miami foreclosure auctions are getting wildly popular both within Florida and outside of the state.

As of the first week of March, the Miami-Dade County auction website Miamidade.realforeclose.com has registered almost 4,500 bidders from within Florida and nearly 750 bidders from other states and other countries. The website is run by Realauction.com, which is handling the home foreclosure auction websites of ten Florida counties, including Miami-Dade.

As of the first online foreclosure auction in Miami in January, Miami-Dade is now auctioning off about 7,000 foreclosure properties a month, up from the only 750 foreclosures a week the county has been handling at the courthouse.

In the past, auctions can only be done three times a week because of lack of staff. Now, the online auctions are done every day from Monday to Friday. Anyone interested can just visit the Miami website and look at the online auction schedules and look at the addresses of the properties, the assessed values, judgment amounts and the maximum bids. They can also check if the auctions have been canceled or rescheduled.

According to Harvey Ruvin, the Miami-Dade County Court Clerk, the online Miami foreclosure auctions are set to cut about $250,000 per year from the county budget, just in time because Ruvin had to cut the court budget by 18 percent and terminate 150 court employees.

Ruvin explained that he really pushed for the online auctions because foreclosure cases have been overwhelming the county court at a time when many judges have retired without replacements. In the years preceding the foreclosure crisis, the county was processing only about 6,000 foreclosures per year.

Now, foreclosure postings have increased many times over. Just for the first two months of this year, more than 9,000 foreclosure cases have already been filed, in addition to the thousands that have not yet been processed.

The online foreclosure auctions in Florida have made Florida the pioneer state in holding judicial foreclosure auctions online. Realauction.com, which was first hired to auction off tax certificates, is now auctioning off property foreclosures online in ten counties in Florida.

Three of the other Florida counties running online public auctions are Polk County, Palm Beach County and Broward County.

In addition to cutting workload and employee work hours, the online Miami foreclosure auctions also eliminate common courthouse auction problems such as the bullying of newcomers by veteran bidders and the broadening of access to all interested home buyers.

Search Foreclosure Auctions in Florida cities:

• Foreclosure Auctions in Tampa
• Foreclosure Auctions in Orlando
• Foreclosure Auctions in Fort Lauderdale
• Foreclosure Auctions in Jacksonville

Related Posts:

• Foreclosed Properties Auction in Broward Finally Goes Online
• Fort Lauderdale Foreclosure Auctions Getting Speedier Online
• Foreclosed Auctions Reflect Troubles in Multifamily Sector
• Online Miami Home Auctions for Sale Making Prices Attractive
• Miami Repo Homes Abound for Investors and First Time Buyers

More homes have been listed for the foreclosed house auction in Denton County, Texas in April.

For the April auction, the county has a total of 677 homes to sell off, an increase of 19 percent from the 567 homes listed for the April 2009 auction. In six of the past 13 months, the number of properties listed for the monthly auction has surpassed the 600 level. In all the 13 months, foreclosure filings exceeded the 500 level.

Denton filings reached their highest level over the past year in October 2009 when 710 foreclosures were posted. All in all, a total of 2,533 foreclosures have been filed in Denton County this year.

Last year, the number of homes listed for the first 4 public auctions was higher by 24 percent than the 2,047 listed for the first 4 months of 2008.

Over the past 10 years, foreclosure postings for the public auctions soared by a total of 801 percent from the only 281 units posted for the April foreclosed house auction in the year 2000.

Job loss has been contributing largely to the increase in foreclosures in Denton County, just like in other counties. The January jobless rate in the county hit 7.8 percent, up from the December rate of 7.3 percent, based on data released by the Texas Workforce Commission.

Similarly, the city of Denton also hit a higher jobless rate in January, which was 6.9 percent. Statewide, the jobless rate was higher at 8.2 percent, which remained the same over the past 2 months.

Denton is among the largest cities in Texas and has been considered among the best cities to live in the U.S. in the past. It hosts the University of North Texas and the Texas Woman’s University, which has been spurring the growth of educational and retail services in the city. Denton also holds the popular Denton Arts and Jazz Festival and the North Texas State Fair and Rodeo.

Compared to other places, Denton and the state of Texas are in a much stronger economic condition to survive the adverse impact of foreclosures and the downturn.

On the whole, foreclosure activity across North Texas surged in March and accumulated a large number of postings for the April public auction.

For the April public auction in North Texas, a total of 6,168 foreclosures have been filed, exceeding the 6,072 foreclosures filed for the foreclosed house auction in April 2009.

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Foreclosed properties auction in Broward County, Florida finally goes online starting March 30, weeks after neighboring counties launched their online auctions.

According to Howard Forman, clerk of Broward County, the online auction system is expected to sell 1,000 houses a week, up from around 420 units auctioned off every week in January. He added that there are over 5,300 properties ready to be auctioned off and another 2,000 properties being prepared for the next auctions.

Free sessions at the courthouse in Broward County are now being offered to anyone interested in participating in the online auctions. Web-based classes are also being offered to those who want to learn how to use the auction software.

The online auction website, Broward.realforeclose.com, will be formally launched on March 15, but the first auction will be held on March 30. Just like other auction sites, prospective buyers need to register first.

Officials of Broward County decided to follow its neighboring counties in moving their public auctions online to cut down their foreclosure backlog. Broward had the third-highest rate of foreclosure in February among Florida counties. Last year, the number of foreclosure cases soared by 15 percent, pushing up the county case backlog past the 51,000 level.

Earlier this year, Miami-Dade and Palm Beach had launched their foreclosed properties auction websites. Last year, other counties in Florida launched theirs.

Since the launching of the Miami-Dade online auction website in January, the Miami area has already sold off over 2,800 properties. This level of success is what county officials in Broward hope to duplicate.

When public auctions were being conducted at the courthouse, a lot of people attended the auctions, causing distractions on other activities in the building. It is hoped that the shift to online auctions would not only manage auctions better, but also save labor costs and prevent crowding in county buildings.

To be able to participate in the bidding, prospective bidders need to register at the website without paying any fee. After getting registered, participants can view the pictures of foreclosed properties, obtain details and take a virtual tour.

Before bidding, prospective buyers need to pay a five-percent deposit, which is refundable. It can be paid in person or online.

Based on the prediction by Moody’s Economy.com that home prices in Broward will not reach their previous peak levels until 2030, it is expected that prospective bidders can continue to buy lower-priced properties at the Broward County online foreclosed properties auction if they make the right moves.

Related Posts:

• Fort Lauderdale Foreclosure Auctions Getting Speedier Online
• Online Miami Foreclosure Auctions Getting Wildly Popular
• How to Find Foreclosure Auctions the Easy Way
• Online Miami Home Auctions for Sale Making Prices Attractive
• Miami Repo Homes Abound for Investors and First Time Buyers

The record $71-million foreclosed auction results posted by a real estate auction firm over the weekend showed the still grim situation of the U.S. housing market.

Foreclosed auctions are increasingly reflecting financial difficulties in the multifamily sector. Across the country, condo complexes, apartment buildings and affordable housing properties are being foreclosed upon by lenders.

The number of properties entering foreclosure homes auction in Stanislaus County in California is still rising, bucking the statewide decline in foreclosure activity.

Home foreclosure auctions in Summit County, Ohio bucked the statewide trend in 2009 when the number of homes sold through public auctions in the county plunged to its lowest level in seven years.

Public foreclosure auctions scheduled for the coming months in metro Atlanta are expected to sell off more homes, as shown in the sharp increase in number of properties listed for the February auction.

Las Vegas repo houses for sale finally got attention from Housing and Urban Development Secretary Shaun Donovan, based on a statement released this week by Senate Majority Leader Harry Reid of Nevada.

Challenges faced by bidders at every foreclosure properties auction in Albany, New York show the reality that it is not easy for newbies and most investors to win a property at public auctions.