The Real Deal Miami

Habitat home residents hang on

October 19, 2009 04:26PM

Floridians with mortgages held by Habitat for Humanity have lower foreclosure rates than other borrowers, the Miami Herald reported. Habitat’s local foreclosure rate is less than 1 percent, compared to nearly one in four homeowners in the area who are either in foreclosure or behind on payments. There are about 7000 Habitat homes in Miami-Dade, and more than 50 homes in the Florida Keys. The homes are built by volunteers and low-income families who pitch in on construction, attend financial education classes and work to eliminate their debt in preparation for homeownership. Nationally, the organization’s foreclosure rate is less than 2 percent, according to spokeswoman Jolanda Logan. [Miami Herald]