October marked another month of foreclosures fleeing the South Florida housing market, according to a new report from RealtyTrac.
Miami-Dade, Broward and Palm Beach counties had a total of 5,135 properties, or one in every 480 homes, in some stage of foreclosure during October.
That rate has decreased an incredible 24.4 percent compared to the same month last year, indicating a strengthening housing economy for the region.
“We continue to see the year-over-year decline of our South Florida distressed real estate market,” Mike Pappas, CEO and president of the Keyes Company, said in the report. “Any new bank owned inventory is quickly digested, as our under $300,000 priced inventory is at the lowest level in years.”
Out of the three counties, Miami-Dade had the most foreclosures with 2,185 homes, though Broward wasn’t far behind with 2,031. Palm Beach had only 919, according to the report.
Despite these decreases, South Florida still ranked seventh in the nation for foreclosure rates. Atlantic City in New Jersey reported the county’s highest rate at one in every 257 homes — almost double that of South Florida’s. — Sean Stewart-Muniz