Foreclosures still falling in Miami-Dade during May

Miami /
Jul.July 28, 2016 03:45 PM

With floundering sales and ever-growing prices weighing down Miami-Dade County’s housing market, there is at least one undercurrent of strength to be found.

Miami-Dade’s foreclosure rate fell again during May, marking the 16th straight month of drooping rates — minus a hiccup in December.

According to a new report from CoreLogic, the county’s foreclosure rate dipped to 2.47 percent during May, the lowest it’s been in more than a year and a half. Historic data from the research firm also shows that Miami-Dade’s rate has consistently fallen since January 2015’s ratio of 10.1 percent, except for December when the rate ticked up by a fraction of a percent.

On top of that, delinquencies — the precursor to a foreclosure — saw similar improvement during May. The county’s rate of home mortgages unpaid past 90 days hit 6 percent that month, down 2.68 percent year-over-year.

Though it’s improved considerably compared to the housing bust, when Miami-Dade was one of the country’s worst housing markets for foreclosures, the county still has a ways to go before it improves past the national rate. CoreLogic’s report shows the U.S. as a whole had a 1 percent foreclosure rate during May. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
Toronto firm picks up Ocean Drive hotel for $39M
Toronto firm picks up Ocean Drive hotel for $39M
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”
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
8000 West Broward Boulevard, Mall
Lender pays $43M for Broward Mall in foreclosure auction
Lender pays $43M for Broward Mall in foreclosure auction
A rendering of the project + a Google street view of the building at 3034 Oak Avenue and  (L-R) Developers Nick Hamann and Jeremy Wacks, with Douglas Elliman’s Jay Parker (Google Maps)
Lender seeks foreclosure of stalled Arbor Coconut Grove project
Lender seeks foreclosure of stalled Arbor Coconut Grove project
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
arrow_forward_ios

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

Loading...