South Florida's is heading in the right direction when it comes to dealing with homes in the foreclosure process, according to RealtyTrac's Vice President Daren Blomquist.
The company's latest market report reveals new filings are down in South Florida's market for the seventh consecutive month, and that's a 48 percent drop from the same time last year.
Just over 6,000 homes received foreclosure notices in the month of May, and that's the biggest decrease in new filings so far this year.
Still, though, the Miami metro area remains at number 8 on the list of top markets for new foreclosure lawsuits.
Blomquist says, as banks continue working through backlog of foreclosures, the situation will continue to improve.