The Twist in Current Miami Foreclosures

29 May 2013

Foreclosure rates in Miami are experiencing changes. The rates remain substantial in most areas of the city but the direction is moving towards the right end.

From CoreLogic, 13.25 percent of the properties in Miami, Miami Beach and Kendall that were underwater in their mortgages were found to be still in some sort of foreclosure process in March. Although the number is still significant for a huge city, that is down almost 5 percent from the 17.51 foreclosure rate of 2012. Nevertheless, the foreclosure rate of Miami is still larger than the 2.84 national average.

CoreLogic also reported the 19.54 percent of mortgage loans were three months or more delinquent. This was posted in March and was found to be lower than the 24.08 percent from 2012. Still, it was higher than the 6.01 national delinquency rate.