Miami mortgage delinquencies up 23 percent

Miami-Dade County saw the greatest increase in the state when it came to the rate of mortgage delinquencies, with 23.5 percent more mortgages 90 or more days delinquent than in the previous quarter, according to data from the Federal Reserve Bank of New York.

In the same period, the number of delinquent mortgages rose 19.3 percent in Broward County and 16.3 percent in Palm Beach County.

Year-over-year, the number of delinquent mortgages rose 5.1 percent in Miami-Dade County, with equal 4.4 percent jumps in Broward and  Palm Beach counties.

The Federal Reserve data also examines delinquencies by the type of mortgage, divided into Prime, Fannie and Freddie Mortgages, Jumbo, FHA/VA and subprime and alternative.

Jumbo loans in Miami-Dade County are those exceeding $423,750; according to the Fed’s data, this means that just 61.3 percent of home loans over $423,750 are current, i.e., less than 30 days delinquent. Jumbo loans vary by area as they are dependent on the year-to-year change in median home prices.

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Miami-Dade County also led the state of Florida in the increase of Fannie Mae and Freddie Mac mortgages in foreclosure, with a 10.8 percent jump in the second quarter. In the county, there was a 26.7 percent increase in the number of jumbo mortgages in foreclosure.

A recent report by Condo Vultures found that banks had initiated more than 250,000 foreclosure actions against properties in South Florida since 2007. The region is on pace for 70,000 this year, down from 97,000 in 2009.

Through the end of last month, there were 42,864 foreclosures in South Florida, down from 68,948 at the same point last year.

According to the second-quarter Fed data, Miami-Dade County had an average of 15 active loans per 1,000 housing units, with 26.7 percent of active Jumbo loans in foreclosure.

Prime loans are not faring much better in Miami-Dade County, with just 73.6 percent of such mortgages staying current. According to the data, there are an average of 219.3 active prime loans per 1,000 homes in Miami-Dade.