South Florida leads nation in foreclosures

Despite its improving real estate market conditions, South Florida had the most foreclosure activity of any large metropolitan area in the nation last month.

Yet, Irvine, Calif.-based RealtyTrac says foreclosure filings are dropping in the region and statewide, the Miami Herald reported. One of every 244 homes in Miami-Dade County was in some stage of foreclosure last month, a decline of nearly 18 percent from November 2012. One of every 400 homes in Broward County fell in the same category for a 16 percent drop from a year ago.

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Florida had a 23 percent year-over-year decline in foreclosure activity last month.

RealtyTrac includes initial defaults, scheduled auctions and lender repossessions in its monthly reports. [Miami Herald]Eric Kalis