Foreclosure activity in metropolitan Miami declined in the third quarter ended in September compared with a year earlier and the prior quarter, according to RealtyTrac.
Foreclosure activity which includes initial filings, notices of sale and bank repossessions fell 7.7 percent in greater Miami from a year earlier and was down 35.4 percent from the second quarter, the Irvine, Calif.-based data firm said.
Still, Miamis foreclosure activity remained high in comparison to both state and national averages. During the third quarter, one of every 95 residences in greater Miami received some type of foreclosure filing, RealtyTrac said. That compared with one out of every 126 homes in Florida and one of every 348 residences nationally experiencing such activity, the firm said.
Nationally, foreclosure starts in the third quarter were at a seven-year low. Across Florida, foreclosure activity declined 7 percent from the prior quarter and 8 percent from a year earlier.
The metropolitan Fort Lauderdale area bucked the trend, with foreclosure activity rising 3.8 percent from a year earlier and 11.6 percent from the second quarter, RealtyTrac said.