A strengthening housing market continued to chase away foreclosures in Miami-Dade County during June, according to a CoreLogic report released Thursday.
Out of all the county’s outstanding mortgages, only 3.69 percent were in foreclosure during June. That’s a 2.69 percentage point decrease from June of last year, when the area’s foreclosure rate stood at 6.29 percent.
Alongside these falling rates, the number of loans that are more than 90 days delinquent decreased significantly, from 12.35 percent of Miami-Dade’s mortgages last year to 8.34 percent in June, the report said.
This trend was reflected both statewide and nationally, with Florida dropping its foreclosure rate to 2.79 percent from 5.01 percent last year, and the United States falling from 1.71 percent to 1.28 percent.
Though the market grows closer to depleting its share of mortgages in foreclosure, the Miami metropolitan area continues to have one of the highest foreclosure rates in the country. In July, one in every 339 homes in the area was in some stage of foreclosure.
Analysts attribute this to banks ridding themselves of old distressed properties, citing near-record lows in foreclosure starts.