The foreclosure rate for the greater Miami area fell sharply in October from a year earlier, as the area and the nation continue to recover from the housing crash, according to CoreLogic.
Still, the Miami’s foreclosure rate, which is the percentage of mortgages in some stage of the foreclosure process, remains far above the national average, the Irvine, Calif.-based data firm said.
In the Miami-Miami Beach-Kendall area, 9.19 percent of outstanding mortgages were in some stage of foreclosure, compared with 15.06 percent a year earlier.
Florida’s foreclosure rate fell to 6.98 percent in October from 10.65 percent a year earlier. The national average was 2.15 percent, down from 3.06 percent in October 2012.
In addition, a smaller share of mortgages in the Miami area are going sour, CoreLogic said.
For the Miami-Miami Beach-Kendall area, 15.69 percent of mortgage loans were 90 days or more delinquent. That compares with 21.66 percent a year earlier. The national delinquency rate was 5.11 percent in October, down from 6.52 percent a year earlier.