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The Real Deal Miami

Miami foreclosure rates increase

July 27, 2011 11:40AM

Foreclosure rates in the Miami-Miami Beach-Kendall metro area jumped in
May, according to CoreLogic. The rate of foreclosures among outstanding
mortgage loans in May was 19.01 percent, an increase of 1.32 percent
over May 2010, when it was 17.69 percent. Activity in the area is higher
than the national rate, which was just 3.45 percent in May, a
15.56-percentage-point difference. The rate of mortgage delinquencies
decreased in May, however, with 26.16 percent of mortgage loans 90 days
or more delinquent, a fall of 1.51 percentage points. — Alexander Britell