Filings for bank foreclosed properties and federal tax lien foreclosures declined in November 2010 in Florida and the whole U.S. Nationwide, the decline was 21% compared with October 2010, giving the whole U.S. its biggest filings decline since 2005. According to analysts, the decrease in the number of foreclosure filings for the month was largely due to the robo-signing controversy that resulted in an almost nationwide moratorium on foreclosure sales.

The number of Miami foreclosure houses and properties under some form of foreclosure in the whole state declined by 42% in November compared with October 2010. Various areas in the state recorded significant filings decreases, with Palm Beach County being one of the local areas that recorded a significant drop at 55% between November and October 2010.

According to analysts, aside from the moratorium that put a hold on the sale of properties under foreclosure listings in Florida and in the rest of the U.S., seasonal trend also played a role in the decrease of filings. They stated that the months leading to the Christmas holiday season are often the slowest periods of every year in terms of home selling and buying activities. In addition, majority of lenders usually put foreclosures on hold to allow troubled homeowners to get a break during the holidays.

However, foreclosure lawyers remind homeowners that the break will not last long. Come January, they predict that the number of bank and federal tax lien foreclosures will rise as lenders try to recoup lost time and opportunities. They added that most lenders and mortgage servicers have already put the robo-signing controversy behind them and are now ready to foreclose on delinquent mortgages.

For now though, Florida and the rest of the U.S. are enjoying a break from the flood of distressed properties, with people who search foreclosures not likely to find a lot during the last two months of the year. In Florida, the decline was reportedly felt the most in the initial default and foreclosure sale notices areas.

Notices of bank and federal tax lien foreclosures sales declined by 46% in Florida compared with October, while initial default notices dropped by 52% during the same period. Foreclosure auctions also declined in most areas of the state, although not as huge as the declines in defaults and sales notices.

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