The Real Deal Miami

Miami foreclosures on the decline

Percentage of mortgages turning bad also shrinking

October 24, 2014 04:30PM

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foreclosureGood news for the Greater Miami area: foreclosures continue to drop.

For August, the foreclosure rate in the Miami-Miami Beach-Kendall neighborhoods slipped to 5.66 percent of outstanding mortgages, the Miami Herald reported. This is the lowest point seen since the housing crisis — and a drop of 4.82 percentage points from a year ago, according to CoreLogic.

But Miami’s foreclosure rate is still more than triple the national average, the report said.

On the positive side, the percentage of mortgages turning bad in the Miami region also continued to drop for August, with 11.67 percent of mortgage loans delinquent by 90 days or more. That compares to 16.68 percent for the year ago period. [Miami Herald]

  • John Smith

    This is great news for the Miami real estate market, providing the statistics take into account all factors and foreclosures remain low.

  • Laura Gomez

    Good news but I think that prices for houses in Miami still very high. I got my mortgage 3 years ago. Previous owner couldn’t pay and as result he had foreclosure. One year ago I lost my job because my company became bankrupt. I couldn’t meet expenses and my decision was take out a loan. So keep in mind that you can find help here Quick And Easy Loan Service.

  • RebecaBrown

    Yes, this is very good news for Miami. Mortgage is a good way for doing any work. Rate of interest are litter bit high in Miami but with the help of this we can do at least our necessary work. We can pay after sometime within this time we can settle our business as well as take 2500 dollar loan.

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