The Real Deal Miami

Miami foreclosures on the decline

Percentage of mortgages turning bad also shrinking
October 24, 2014 04:30PM

foreclosureGood news for the Greater Miami area: foreclosures continue to drop.

For August, the foreclosure rate in the Miami-Miami Beach-Kendall neighborhoods slipped to 5.66 percent of outstanding mortgages, the Miami Herald reported. This is the lowest point seen since the housing crisis — and a drop of 4.82 percentage points from a year ago, according to CoreLogic.

But Miami’s foreclosure rate is still more than triple the national average, the report said.

On the positive side, the percentage of mortgages turning bad in the Miami region also continued to drop for August, with 11.67 percent of mortgage loans delinquent by 90 days or more. That compares to 16.68 percent for the year ago period. [Miami Herald]