The Real Deal Miami

South Florida foreclosures decline again in January

Rate fell by 45 percent compared to January 2015

February 19, 2016 04:30PM

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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

South Florida’s housing market, once a foreclosure hotbed during the U.S. financial crisis, has continued its recovery into the new year.

The number of homes at some stage of foreclosure reached 3,063 during January, according to a new report from data company RealtyTrac. That’s about one in every 808 homes — a rate that’s fallen by 45 percent compared to the first month of 2015.

Out of South Florida’s three counties, Miami-Dade had the most foreclosures with 1,358 homes in distress. Broward and Palm Beach had 919 and 786 last month, respectively.

That decrease in foreclosures means South Florida now ranks 22nd in the nation for properties in monetary trouble. The region was one of the worst housing markets in the country as property prices plummeted in the late 2000s.

Nationally, the trend was similar. A total of 95,186 homes were in some stage of foreclosure last month, falling by 11 percent compared to the same month a year ago. The U.S. is now at its lowest foreclosure rate since 2008, according to RealtyTrac. — Sean Stewart-Muniz

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