Foreclosure rates fall in Miami metro area

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The foreclosure rate among outstanding mortgages in the Miami-Miami Beach-Kendall metropolitan area was 16.23 percent in July, a 2.34-percentage-point drop compared to the same period in 2011, according to data from CoreLogic. That was compared to the U.S. rate, which stood at 3.25 percent in July. Mortgage delinquencies decreased in Miami as well, with 22.9 percent of mortgage loans 90 days or more delinquent. That represented a 2.85-percentage point drop from a 25.76 percent rate in July 2011. — Alexander Britell