FORECLOSURE ACTIVITY BEGINNING TO RISE

via themortgagepoint.com—ATTOM has issued its Q1 2025 U.S. Foreclosure Market Report, which shows a total of 93,953 U.S. properties with foreclosure filings during Q1 of 2025, up 11% from the previous quarter, but down 2% from a year ago. The Q1 2025 U.S. Foreclosure Market Report shows a total of 35,890 U.S. properties with foreclosure filings in the month of March 2025 alone, up 11% from the previous month and up 9% year-over-year.

“Following three consecutive quarters of decline, foreclosure activity ticked up in the first quarter of 2025, with notable growth in both starts and completions,” said Rob Barber, CEO at ATTOM. “While levels remain below historical averages, the quarterly growth suggests that some homeowners may be starting to feel the pressure of ongoing economic challenges. However, strong home equity positions in many markets continue to help buffer against a more significant spike in distress.”

A total of 68,794 U.S. properties began the foreclosure process in Q1 2025, up 14% from the previous quarter, and up 2% from a year ago. States that had 100 or more foreclosures starts in Q1 2025, and saw the greatest annual increase included:

Kansas (up 117%)
Delaware (up 58%)
Oklahoma (up 45%)
Utah (up 42%)
Wyoming (up 33%)

Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2025 included:

Chicago, Illinois (3,789 foreclosure starts)
New York, New York (3,566 foreclosure starts)
Houston, Texas (3,046 foreclosure starts)
Miami, Florida (2,028 foreclosure starts)
Philadelphia, Pennsylvania (1,985 foreclosure starts)

What States Had the Highest Rates?…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are thirty-six (36) active listings in the Miami Springs/Virginia Gardens market this week. Half of the active listings are over $1 million. There are three (3) new pending sales. Inventory hovered at approximately 35+/- listings the last month. Sold prices remain strong for sellers and there are still serious qualified buyers looking for the right property, though demand has slowed. Sales slowed down a bit last year too, volume-wise, but prices remained strong. We are truly in a unique market.

We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 86 days. Eighteen (18) of the active listings had a price reduction—three (3) this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; three (3) listings are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; seven (7) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; sixteen (16) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of April 4, 2025 through April 11, 2025, there were reported 1 new listing, 1 closed sale, 3 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 3 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of April 11, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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