The Real Deal Miami

Miami-Dade sees declining foreclosures for July

Delinquency rates are also decreasing year-over-year

October 09, 2015 02:15PM
By Sean Stewart-Muniz

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An aerial view of Miami

An aerial view of Miami

Miami-Dade County saw another month of declining foreclosure rates during July, according to a report from analytics company CoreLogic.

Out of all the county’s outstanding mortgages during July, roughly 3.5 percent of them were in some stage of foreclosure. That’s a 2.4 percentage point decrease from July 2014, and a 0.1 percentage point decrease from June of this year.

Data shows that Miami-Dade’s foreclosure rate has steadily declined since January 2014. The rate at that point was 8.2 percent, and it has fallen by a fraction of a percent each month since then.

Delinquent mortgages — the preamble to foreclosure when a borrower doesn’t pay — were also down in July. Roughly 8.2 percent of mortgages were delinquent past 90 days that month, representing a 3.8 decrease from July 2014.

The county still has a slightly larger rate of foreclosures and delinquent mortgages than Florida as a whole. The state reported a 6.2 percent delinquency rate and a 2.7 foreclosure rate for July. Those two decreased by 2.8 and 2.1 percentage points, year-over-year, respectively.