Miami-Dade Now Largest County Selling Foreclosures Online

Foreclosure ProceedingsBidders from around the world have started buying foreclosure properties online from Miami-Dade, the largest county in the United States to auction distressed properties over the Internet – and the 12th county to do so in Florida, one of the state’s hit hardest by the housing crisis.
About 40 properties were auctioned on Monday, the first day of Miami-Dade’s online program. Local officials predict that as many as 300 homes and commercial properties could be sold daily. That’s three times the number sold at the courthouse.
The online program will help administrators move more quickly through a backlog of 115,000 foreclosures.
“This couldn’t be happening at a better time for us,” Miami-Dade Clerk of Courts Harvey Ruvin told the Miami Herald. “We are in an enormous avalanche of foreclosures. We have over 110,000 open foreclosure files, with an additional 7,000 coming in each month.”
Among counties, Miami-Dade has the seventh-highest number of foreclosed homes in the country.
Ruvin signed a contract with Realauction.com, a Plantation, Fla.-based company that conducts online auctions for the other 11 Florida counties.
Florida courts have been overwhelmed with foreclosure filings, delaying sales and creating huge workloads for employees. Foreclosures have driven down prices by a third or more since mid-2006.
So clogged is Florida’s legal system with nearly half a million pending foreclosures that the state’s Supreme Court has issued an order requiring managed mediation programs to speed up the stalled cases.
Florida has the third-highest mortgage delinquency rate in the nation – after California and Nevada – with an estimated 456,000 pending foreclosure cases.

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