The Real Deal Miami

Miami-Dade foreclosures are drying up: report

Past 12 months have seen nearly 4,000 fewer foreclosures than year before
A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

A June 2011 photo of the downtown Miami skyline (Credit: Marc Averette) and a foreclosure sign

As equity returns to many of Miami-Dade County’s homeowners, the number of properties falling into foreclosures has dropped.

For April, a new report shows Miami-Dade’s foreclosure rate dipped significantly, along with homeowners nearing foreclosure with seriously delinquent mortgages.

Of all mortgaged homes in Miami-Dade during April, 2.7 percent were in some stage of foreclosure, according to the new report from real estate research firm CoreLogic.

That rate fell by just under 33 percent compared to April 2015, continuing a years-long trend of recovery as Miami-Dade distances itself from the most recent housing crash.

Serious delinquencies, the precursor to foreclosure when a homeowner is past due on loan payments, also dropped by nearly 33 percent to a rate of 6.3 percent in April.

Miami-Dade’s number of completed foreclosures tell a similar story: for the last 12 months ending in April, 6,633 properties were foreclosed on. Before that, in the 12 months ending in April 2015, 10,544 properties were lost to foreclosure.

Statewide, Florida was one of the country’s worst foreclosure hotspots during April with an inventory rate of 2 percent. Leading the nation was New Jersey with 3.7 percent, followed by New York with 3.2 percent, Hawaii with 2.2 percent and the District of Columbia with 2.1 percent. — Sean Stewart-Muniz