May 13th, 2011 3:47 PM

The Miami Herald reports:

"The foreclosure slowdown is continuing into its eighth month, after major banks discovered flaws in their home repossession processes last fall and initiated self-imposed moratoriums.

The lenders have not been able to ramp back up, and filings of new foreclosure notices dropped from 6,323 in April 2010 to 2,134 last month.

In Florida, it now takes an average of 619 days—about 20 months—for the foreclosure process to run its course. That’s up from 470 days last year, and 169 days in 2007."

Read more:http://www.miamiherald.com/2011/05/11/2213595/foreclosure-process-gets-even.html#ixzz1MFtdtn3d 

Many sources tell us that efforts to resume faster processing by banks are soon to come meaning more buyer bargains and seller challenges.  To receive updates on the local market here please email me to be placed on my Private Client List. We will be giving our Private Clients advance notice of market changes affecting property values. 

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