News Column

BRIEF: Miami area foreclosure rate fell again in December

February 24, 2014

By Martha Brannigan, The Miami Herald

Feb. 24--The foreclosure rate in greater Miami keeps heading in the right direction, but it still has a long way to go.

In December 2013, 8.72 percent of the mortgages in the Miami-Miami Beach-Kendall area were in some stage of foreclosure, according to CoreLogic, an Irvine, Calif.-based data firm.

That rate was down from 14.38 percent a year earlier. Still, it was four times the national foreclosure rate, which dropped to 2.09 percent in December 2013 from 2.95 percent a year earlier.

Greater Miami's mortgage delinquency rate, or percentage of loans more than 90 days late, declined in December to 14.99 percent from 20.79 percent a year earlier. That, too, was far above the national average of 5.03 percent, which marked an improvement from 6.4 percent a year earlier.

Florida's foreclosure rate fell to 6.67 percent from 10.27 percent in December 2012, and its delinquency rate dropped to 11.18 percent from 15.16 percent, CoreLogic said.


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Source: Miami Herald (FL)

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