The Real Deal Miami

Distressed sales down nationally, but not in Miami

Miami was outranked only by Orlando

June 08, 2015 11:15AM

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A graph of distressed home sales in the U.S.

A graph of distressed home sales in the U.S.

Yet again, Miami ranks second in the United States for short sales and foreclosures, as statistics continue to show a decline nationwide. 

Of all home sales in Miami-Dade County during March, nearly a quarter of them were distressed. Distressed sales are defined as properties sold urgently, often at a loss and to pay off debts. Homeowners with underwater mortgages can choose to sell their properties in a short sale to pay off a portion of their debt.

Miami-Dade was outranked only by Orlando, which had a 0.4-percent larger share of distressed sales. Three Florida metropolitan areas accounted for the most distressed sales, and the state itself ranked second — behind Michigan — for hurried property transactions.

Nationally, distressed sales fell 2 percent from February to March of this year. The share of total home sales across the United States was 12.1 percent. — Sean Stewart-Muniz