Foreclosure rates in the Miami-Miami Beach-Kendall area fell in June from a year earlier, continuing a long downward trend, according to CoreLogic.
The foreclosure rate — which is the percentage of mortgages that are in some stage of the foreclosure process — fell to 11.38 percent of outstanding mortgages in the Miami area for June 2013, down 5.31 percentage points from 16.69 percent a year earlier, the Irvine, Calif.-based data firm said.
Foreclosure activity in the Miami area remains far above the national foreclosure rate, which stood at 2.49 percent for June 2013.
June data showed that a lower rate of mortgages were going sour in the Miami-Miami Beach-Kendall area, too, CoreLogic said.
For June, 17.83 percent of mortgage loans were 90 days or more delinquent, compared to 23.35 percent a year earlier. Despite the improving trend, the mortgage delinquency rate in the Miami area was more than triple the national average of 5.55 percent for June.