Miami-Dade sees falling foreclosure rate in June

Miami /
Aug.August 27, 2015 12:00 PM

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.


Related Articles

arrow_forward_ios
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...