Miami continues to be the strongest apartment market in South Florida, according to a second-quarter report from Marcus & Millichap. With plummeting vacancies and the “gradual restoration of rents to former peaks,” Miami-Dade County is leading the tri-county area, in large part due to increased tenant demand. Further expansion in service employment will help lead to a projected 60-basis-point decline in the vacancy rate this year to 4.1 percent. [more]

A greater proportion of home loans in South Florida are distressed than in any other region in the United States, according to data from Foreclosure-Response.org, the Sun Sentinel reported. The Web site is a joint initiative between Local Initiatives Support, Urban Institute and the Center for Housing Policy. It is the seventh quarter in a row in which South Florida has led the country in the rate of home loan delinquency. [Sun Sentinel]

The firm is renovating several SF locations

Jacksonville-based Winn Dixie is planning a number of renovated stores in South Florida, highlighted by a new location in Davie, the Sun Sentinel reported. The 60,000-square-foot Davie branch, which is located near Hiatus Road, underwent a total transformation, according to Randy Rambo, the company’s regional vice president for the south. “There are a lot of neighborhoods and families in Davie, which is why we chose to invest in this store,” Rambo said. [more]

SF construction spending outpaced the state in March

Contracts for future construction in the tri-county area rose 58 percent in March, compared to the same month in 2011, according to McGraw-Hill Construction. There was a total of $371 million in residential and nonresidential construction contracts in March, up from $234.7 million at the same time last year. For the year, a total of $948.9 million in total building contracts have been signed in Broward, Miami-Dade and Palm Beach counties. Statewide, contracts for construction fell, however, dropping 24 percent in March year-over-year to a total of $2 billion. — Alexander Britell

Some Florida homeowners will receive a full year of payments on their mortgage, up to a maximum total of $24,000, from the Hardest Hit Fund, the Palm Beach Post reported. The full-year plan marks a change from what had been a six-month payment schedule under the plan that had a cap of $12,000. “We’re very excited to announce these changes just approved by our board this morning,” said David Wescott, chief administrator for the Florida Hardest Hit Fund at the Housing Finance Corporation. [more]

Prime Hotel in South Beach

South Florida’s hotel market posted strong numbers across the board in March, showing improvement in occupancy, daily rates and revenue per available room, according to STR, the Miami Herald reported. South Florida hotel rates rose 9 percent to $206 per room, with revpar up 9 percent to $177. Overall, the U.S. hotel market saw a 4 percent increase in occupancy, along with a 3.9 percent improvement in the average daily rate. “A very strong March contributed to a solid first quarter showing for the industry,” said Amanda Hite, president of STR. “Spring breaks, unseasonable warm weather across the country and the fact that March included 10 Fridays and Saturdays compared to only eight in 2011 helped boost monthly and first-quarter performance.” [Miami Herald]

Initial default notices in South Florida rose by 51 percent in the first quarter of 2012, according to a report from brokerage and consultancy Condo Vultures. There were more than 10,000 initial notices of default in the first 90 days of this year, compared to around 7,000 in the same period in 2011. [more]

A home for sale in Coconut Grove

Home prices in South Florida are projected to rise by 6 percent this year, according ot California-based research firm Clear Capital. The projection means that Palm Beach, Miami-Dade and Broward counties would each be in the list of the top 10 best-performing areas in the United States. It still will be some time for the region to reach its highs from the bubble, however, according to Clear Capital’s Alex Villacorta. “All of these markets have a long way to go,” he said. [Sun Sentinel]

The number of South Florida properties with foreclosure filings jumped by 52.7 percent in February, the largest year-over-year increase of any month since April 2010, according to data released today by RealtyTrac.

There were 4,120 properties Miami-Dade County with foreclosure filings last month, an 82 percent increase compared to February 2011. That was the highest total in the tri-county area. [more]

An improving rental market is helping South Florida’s residential sales market, according to Zillow.com. The Zillow Rent Index showed rental rate growth in each of South Florida’s three counties in January compared to the same period in 2011, the Sun Sentinel reported. “A thriving rental market will stimulate home sales as investors snap up low-priced inventory to convert to rentals,” said Stan Humphries, chief economist at Zillow. [Sun Sentinel]