The Real Deal Miami

Foreclosure rates dip in Miami

August 24, 2012 01:30PM

Foreclosure rates in the Miami-Miami Beach-Kendall metropolitan area fell by 2.39 percentage points in June compared to the same period in 2011, according to data from CoreLogic. Approximately 16.51 percent of outstanding mortgage loans in the area were in foreclosure in June, down from a rate of 18.9 percent in June 2011. Mortgage delinquencies also fell in the same period, with 23.24 percent of mortgage loans in the Miami metro area 90 days or more delinquent — that was down from a rate of 26.02 percent last year in June. Statewide, 12.48 percent of Florida mortgage loans were in foreclosure, a 1.08-percentage-point drop from June 2011. — Alexander Britell