Foreclosures still falling in Miami-Dade during May

Delinquency rate also improved significantly

Jul.July 28, 2016 03:45 PM

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

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

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