The Real Deal Miami

Miami foreclosure rate drops — but still high

Level for area still nearly four times the national average
May 28, 2014 03:45PM

simi_valley_foreclosures-signThere are no surprises this month when it comes to Miami’s foreclosure rate. Once again, foreclosed and delinquent mortgages are down in the city, but are still far above state and national levels, according to CoreLogic.

The foreclosure rate for Miami, Miami Beach and Kendall dropped to 7.4 percent in March, according to data cited by the Miami Herald. In the same area, the foreclosure rate fell 5.91 percentage points, year-over-year.

Yet that is still nearly four times the U.S. rate.

Statewide only 5.76 percent of mortgages were in foreclosure in March — down from 9.71 percent a year earlier. But nationwide, the U.S. foreclosure rate is only 1.86 percent, down from 2.85 percent a year earlier. [Miami Herald] Christopher Cameron