The Real Deal Miami

Miami ranks second in U.S. in foreclosure rates

Dropped from #1 thanks to 22% decrease in foreclosure activity

December 11, 2014 09:45AM

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Miami ranked No. 2

Miami ranked No. 2 in the U.S. for most foreclosures.

Miami ranked second in highest foreclosure rates among U.S. metro areas, with one in every 394 homes in foreclosure, according to data from RealtyTrac. The metro area dropped from #1 thanks to a 22 percent year-over-year decrease in foreclosure activity. Atlantic City, N.J. now has the dubious honor of being first on the list.

RealtyTrac’s November report also showed that Florida overall had the highest foreclosure rate in the country, despite the monthly and annual decrease in foreclosure activity in the state.

One out of every 462 homes was in foreclosure proceedings in Florida. The state has had the highest foreclosure rate in the U.S. for 13 out of the last 14 consecutive months, the report stated.

However, Mike Pappas, president and CEO of the Keyes Company, which covers the South Florida market, decided to focus on the positive: “South Florida is in the fourth quarter with our distressed real estate. It is encouraging to see a 22 percent overall decline in our region.” – Katherine Kallergis

  • Harvey Smith

    Losing a roof over head is awful. I still don’t understand why there are so many foreclosures in Miami. Are consumers so irresponsible concerning paying down their home loans? In the US mortgages have affordable interest rates, the most important is to make payments on time. People face different problems. Sometimes paying monthly bills is hard but still it’s possible to borrow money or to receive on-line money assistance at Personal Money Service. Maybe it’s easy for me to say because I don’t have a home loan but I would do anything to save my home. Also desperate borrowers can always turn to their lenders and to ask if it’s possible to refinance a mortgage to make payment schedule more convenient.

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