A high rate still, but foreclosures declining in Miami

While 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.

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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