The Real Deal Miami

Miami foreclosure rate slips below 10 percent

Distressed loans in area reach four-year low
November 27, 2013 01:30PM

foreclosureForeclosures in greater Miami dipped below 10 percent for the first time in nearly four years.

CoreLogic reported a September foreclosure rate of 9.9 percent for the area, Miami Herald reported. That represents a decline of nearly six percentage points from September 2012. Irvine, Calif.-based CoreLogic calculates the percentage of mortgages in any stage of the foreclosure process.

Greater Miami’s year-over-year mortgage delinquency rate plunged from 22.4 percent to 16.2 percent in September.

Despite the decline in foreclosure activity, Miami still has a much higher rate of distressed loans than the national average. The area’s foreclosure rate is more than four times the U.S. average of 2.3 percent. Its delinquency rate is more than three times as high as the national average of 5.2 percent. [Miami Herald]Eric Kalis