Miami-Dade still clearing out foreclosures in September: report

County still has far to go before it beats national foreclosure rate

Nov.November 08, 2016 11:15 AM
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

Once a hotbed of foreclosure activity during the housing crash, Miami-Dade County continued to drain its backlog of lender-owned properties in September, according to a newly released report.

The report from real estate research firm CoreLogic shows the county’s foreclosure rate fell 36 percent year-over-year to 2.2 percent. Delinquencies, the precursor to foreclosures, also dropped by 33 percent to 5.3 percent in the same time period.

South Florida as a whole was once the nation’s king of foreclosures, boasting a rate of one in every 269 homes in 2013. Those properties were were some of the first to be snapped up by investors as Miami-Dade began recovering from the housing crash, eventually giving way to higher home prices and stronger home ownership.

Even so, the county still has far to go before it beats the national rate of 0.9 percent.

And while worry is brewing that Miami-Dade is facing another residential market crunch, market watchers have contended that several factors are protecting the metro from another foreclosure onslaught.

Its historically high rate of all-cash home purchases means homeowners have more equity protecting them from banks, and new developments typically require 50 percent deposits, meaning buyers are more reluctant to walk away from their units. — Sean Stewart-Muniz

Related Articles


Condo sellers are struggling in Miami-Dade County: Miami Realtors

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

Even with blowout month, condos drag down Miami-Dade home sales in August

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

Miami-Dade home prices flat between May and June: report

Foreclosures still falling in Miami-Dade during May

Miami-Dade home sales continue struggling through May: report

Miami-Dade foreclosures are drying up: report