The Real Deal Miami

Miami-Dade foreclosures keep falling in November

Despite recovery, slowing sales show signs of slowdown

January 29, 2016 03:45PM

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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

Miami-Dade County saw another month of receding foreclosure rates during December, marking nearly two years of recovery from the U.S. real estate crash of the late 2000s.

The county had 3.12 percent of its outstanding mortgages in some stage of foreclosure during November, according to a new report from CoreLogic. That figure fell by 1.68 percentage points year-over-year, and has consistently fallen since January 2014 when the county’s foreclosure rate hit a high of nearly 14.5 percent.

Delinquency rates were also down in November. The percentage of debtors who hadn’t paid their mortgage bills for more than 90 days sank to 7.25 percent — a 3.42 percentage point decrease compared to November 2014.

Homeowners in Miami-Dade took a hard hit during the real estate market’s crash during the late 2000s. Home prices tanked and a swath of property owners lost their houses to lenders.

The county has since seen an explosive recovery in both prices and foreclosure rates, though recent months have seen a significant drop in sales activity — a sign of trouble on the horizon. — Sean Stewart-Muniz

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