Miami-Dade foreclosures continue falling in February: report

Miami /
Apr.April 26, 2016 03:45 PM

Now several years into the housing market’s recovery, a new report shows Miami-Dade County’s foreclosure rate has again fallen in February.

Of all Miami-Dade’s outstanding mortgages that month, only 2.92 percent were in some stage of foreclosure. That percentage has fallen consistently over the last 12 months, marking a 1.31 percentage point dip since February 2015.

Though the county’s housing market continues to show signs of recovery from the crash years ago, Miami-Dade’s foreclosure rate is still higher than the national average of 1.13 percent in February.

Mortgage delinquencies, when a borrower doesn’t pay their bill for more than 90 days, were also trending down. The county’s 90-day delinquency rate stood at 6.77 percent, down from 9.78 percent the year before. February 2015 was also the first month that Miami-Dade’s delinquency rate fell below 10 percent.

Despite industry talk of another market downturn on the horizon, analysts have said several factors could shield Miami-Dade from another onslaught of foreclosures. Mortgage lenders are becoming more scrupulous with their underwriting, and the market’s adopted 50 percent deposit structure for new condos help prevent buyers from walking away from their contracts. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
arrow_forward_ios

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

Loading...