The Real Deal Miami

Foreclosures fall again in Miami-Dade during October

October marks almost two years of decreasing foreclosures

December 30, 2015 10:30AM

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A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

A strong housing market kept flushing foreclosures out of Miami-Dade County in October, according to a new CoreLogic report.

Out of all Miami-Dade’s outstanding home mortgages, only 3.21 percent were in some stage of foreclosure. That’s a decrease of 1.81 percentage points compared to the same month last year.

Delinquent mortgages, where debtors haven’t made payments in more than 90 days, were also down considerably during October. The county’s delinquency rate fell from 10.87 percent October of last year to 7.5 percent this October.

Foreclosures in Miami-Dade have gradually fallen as the market regains its strength from the most recent housing crash. For almost two years now, the county’s foreclosure rate has consistently dropped by a fraction of a percentage point each month.

Statewide, the foreclosure rate dropped to 2.45 percent during October, down from 4.08 percent the previous year. The national rate was much steadier, only falling 0.33 percentage points to 1.2 percent. — Sean Stewart-Muniz

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