Foreclosures, be gone: Miami-Dade’s foreclosure rate shrinks again in August

Miami /
Oct.October 11, 2016 12:00 PM

August marked another month of dwindling foreclosures in Miami-Dade County, according to a new report from real estate research firm CoreLogic.

The report states Miami-Dade’s inventory of foreclosures fell to 2.3 percent of the county’s housing stock in August, a 3.6 percentage point drop from August 2015.

Loans delinquent past 90 days, often seen as the precursor to foreclosures, also continued to decline in August. The county’s delinquency rate dipped 2.2 percentage points year-over-year to 5.8 percent.

Miami-Dade was once a hotspot for foreclosure activity during the housing market crash, and until this year held a top place in the nation for its ratio of lender-owned homes. Its strengthening housing market has helped flush those distressed properties out of the market, in part leading to higher housing prices.

Even so, the county’s foreclosure and delinquency rates are still above national levels. CoreLogic reports that for August, the U.S. foreclosure inventory sat at 0.9 percent, while the ratio of serious delinquencies sat at 2.8 percent.

“With the foreclosure inventory now under 1 percent nationally, the need to boost single-family housing stocks through new construction will become more acute in the coming months and years,” Anand Nallathambi, CoreLogic’s CEO, said in the report. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)
Sunrise affordable senior housing facility sells for $30M
Sunrise affordable senior housing facility sells for $30M
Mark Zilbert
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
arrow_forward_ios

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

Loading...