The Real Deal Miami

Miami foreclosures increase slightly, still far outpace nation

January 05, 2012 04:30PM

October 2011 foreclosure rates in Miami (source: CoreLogic)

Foreclosures increased slightly in Miami in October and remained far above the national average, according to a report released today by analytics firm CoreLogic.

Among outstanding mortgage loans in the Miami-Miami Beach-Kendall area, 18.13 percent were in foreclosure in October 2011, compared to 17.57 percent 12 months prior. Statewide, the foreclosure rate is 12.32 percent and nationally its 3.51 percent. Miami’s October foreclosure rate was one tenth of a percentage point lower than the 18.23 percent rate recorded in September, and nearly a full percentage point below the peak rate of 19.10 percent recorded in February.

The rest of South Florida isn’t faring nearly as poorly, as Broward’s foreclosure rate was 14.45 percent in October and Palm Beach’s was 12.84 percent, each roughly unchanged from October 2010.

Considering that 25.14 percent of all Miami area mortgages are 90 days or more delinquent – far outpacing the national average of 7.20 and the Florida average of 17.45 percent – there is little relief in sight for foreclosures in the area. That figure, too, has declined from 25.26 percent in September 2011 and 27.01 percent the previous October. – Adam Fusfeld