The rate of foreclosures in the greater Miami area declined in August to 16.42 percent of outstanding mortgages from 18.14 a year earlier, according to CoreLogic. The foreclosure rate is the percentage of mortgages in some stage of the foreclosure process.
The data firm said the rate of mortgages with delinquencies of 90 days or more in the Miami-Miami Beach-Kendall area also fell in August to 22.89 percent from 25.45 percent a year earlier.
Despite the continuing downward trend, Miami’s foreclosure rate in August remained far higher than the national rate of 3.35 percent of outstanding mortgages, the firm said. The area’s mortgage-delinquency rate was also far higher than the national average of 6.76 percent in August, CoreLogic said.