Miami ranked second in highest foreclosure rates among U.S. metro areas, with one in every 394 homes in foreclosure, according to data from RealtyTrac. The metro area dropped from #1 thanks to a 22 percent year-over-year decrease in foreclosure activity. Atlantic City, N.J. now has the dubious honor of being first on the list.
RealtyTrac’s November report also showed that Florida overall had the highest foreclosure rate in the country, despite the monthly and annual decrease in foreclosure activity in the state.
One out of every 462 homes was in foreclosure proceedings in Florida. The state has had the highest foreclosure rate in the U.S. for 13 out of the last 14 consecutive months, the report stated.
However, Mike Pappas, president and CEO of the Keyes Company, which covers the South Florida market, decided to focus on the positive: “South Florida is in the fourth quarter with our distressed real estate. It is encouraging to see a 22 percent overall decline in our region.” – Katherine Kallergis