The Real Deal Miami

Miami-Dade foreclosure rate falls below 4 percent in January

Large number of cash sales has helped reduce prevalence of distressed properties

March 30, 2016 10:30AM

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Downtown Miami skyline

Downtown Miami skyline

Miami-Dade County’s housing market is still flushing foreclosures at a steady rate, a new report shows.

Of all the county’s outstanding mortgages in January, only 3 percent of them were in some stage of foreclosure, according to the report from financial research company CoreLogic.

That’s a decrease of 1.41 percentage points year-over-year, and a slight 0.16 percentage point dip from December.

Delinquency rates in Miami-Dade also fell substantially: the rate of homeowners who haven’t paid their mortgage for more than 90 days stood at roughly 7 percent in January, down 3.1 from the year before and 0.16 from December.

Miami-Dade’s housing market has largely recovered from the crash last decade, and the county’s reputation as being a hot spot for cash purchases — often making up more than half of its home sales per month — has helped rid the market of distressed properties. — Sean Stewart-Muniz