Miami foreclosure rate keeps falling

Miami’s foreclosure rate fell to 7.4 percent in March, but remains nearly four times the national average, according to CoreLogic
Miami’s foreclosure rate fell to 7.4 percent in March, but remains nearly four times the national average, according to CoreLogic
Lannis Waters / Palm Beach Post

The Miami area’s mortgage picture continues to brighten, with fewer loans in foreclosure and fewer turning sour.

Still, the level of foreclosed and delinquent mortgages in the area remains far above state and national levels, according to CoreLogic.

The foreclosure rate for Miami, Miami Beach and Kendall fell to 7.4 percent in March, according to the Irvine, Calif.-based data firm. While that was down 5.91 percentage points from a year earlier, it was nearly four times the U.S. rate.

Florida overall also continued to make headway in chipping away at its mountain of foreclosures. Statewide, 5.76 percent of mortgages were in some stage of foreclosure in March, down from 9.71 percent a year earlier. The U.S. foreclosure rate fell to 1.86 percent, from 2.85 percent a year earlier.

The share mortgages Miami at least 90 days late fell to 13.53 percent of loans outstanding from 19.63 percent a year earlier. That was nearly three times the national rate, which fell to 4.66 percent from 6.03 percent in March 2013, CoreLogic said. Florida mortgage delinquencies dropped to 10.22 percent in March, down 4.15 percentage points from a year earlier.

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