The Real Deal Miami

Miami-Dade’s foreclosure rate continues downward spiral in June: report

At 2.39 percent, county's foreclosure rate is still more than double national level

August 24, 2016 01:30PM

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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

June marked yet another month for Miami-Dade County’s shrinking foreclosure rate, according to a new report.

CoreLogic, a real estate research firm, released a report Wednesday stating the county’s foreclosure rate had fallen 1.23 percentage points year-over-year to 2.39 percent in June.

Miami-Dade’s share of homes in some stage of foreclosure has steadily dropped over the past 12 months, excluding a fractional bump between November and December 2015.

However, the county’s foreclosure rate is still more than double the national level, which fell below 1 percent in June.

Delinquencies, the precursor to a foreclosure filing, were also down significantly in Miami-Dade. Roughly 6.36 percent of the county’s home mortgages were 90 days past due in June, down a little over 2 percent from the year before, according to the report.

While foreclosures and delinquences are improving in Miami-Dade, the county’s housing market as a whole has faced headwinds over the past year as home sales slow amid rising prices. Certain neighborhoods are already showing weakness, like downtown Miami’s condo market, which recently saw its first overall price decrease in five years. — Sean Stewart-Muniz

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