The Real Deal Miami

A high rate still, but foreclosures declining in Miami

Bad loans dwindling, but outstanding foreclosure debt still four times the U.S. average

foreclosureWhile still leading the nation in foreclosures, Miami’s mountains of debt continued to dwindle in January.

In the Miami-Miami Beach-Kendall area, only 8.09 percent of outstanding mortgages were in some stage of foreclosure in January, down from 14.02 percent a year earlier, according to CoreLogic data cited by the Miami Herald.

However, Miami’s foreclosure rate remains well over the national average, which was 1.97 percent for January.

Statewide, January’s year-over-year foreclosure rate decreased from 10.1 to 6.22 percent of outstanding mortgages. [Miami Herald]Christopher Cameron