The Real Deal Miami

Miami-Dade ranks second for distressed sales in U.S.

Foreclosures and short sales are slowly decreasing throughout nation
July 10, 2015 09:45AM

A graph of distressed home sales in the U.S.

A graph of distressed home sales in the U.S.

Miami continues near the top of the list of cities with the highest percentage of distressed home sales, this time during the month of April.

A total of 23.8 percent of home sales in the Miami, Kendall and Miami Beach areas were distressed properties, according to data from CoreLogic. That’s a 0.6 percent decrease from March, mirroring a nationwide trend of sluggish declines in distressed sales.

Distressed homes sales are properties being sold out of foreclosure, or through short sales — meaning the proceeds will not cover the full balance of the property’s mortgage.

Miami was beat out yet again by Orlando in April, which actually saw an 0.1 percent increase in distressed sales for the month.

Nationally, 11.1 percent of all home sales were distressed in April — a 1.5 percent decrease from the previous month. The report attributed this downward trend to seasonal factors. — Sean Stewart-Muniz