NEW YORK, Dec 5 (Reuters) - Foreclosure actvity in Miami dipped in November, possibly because of a rise in short sales, but the broader long-term picture remains bleak, say brokers and foreclosure experts.
The number of newly scheduled auctions on foreclosed properties in Miami were down 21 percent to 679 from October, real estate research firm PropertyShark.com said.
According to RealtyTrac, total foreclosure activity in Miami fell 37 percent in November from October to 6,473 filings.
RealtyTrac compiles the total number of properties with at least one foreclosure filing -- default notices, auction sales notices and bank repossessions -- reported during the month.
Subprime lending, speculation and overbuilding were rife in Miami during the boom years of 2002 to 2006, generating first towering price spikes followed by steep declines and a surge in foreclosures.
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