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March 31, 2014

Miami’s foreclosure rate fell again in January

The share of Miami-area mortgages in foreclosure fell again in January, but remained far above the national level, CoreLogic said.

The Miami area’s mountain of foreclosures continues to dwindle.

In the Miami-Miami Beach-Kendall area, 8.09 percent of the mortgages outstanding in January were in some stage of foreclosure, down from 14.02 percent a year earlier, according to CoreLogic.

Despite the long-improving trend, Miami’s foreclosure activity remains dramatically higher than the national average, which was 1.97 percent for January, the Irvine, Calif.-based data firm said.

The Miami area’s mortgage delinquencies also continued to improve.

The mortgage delinquency rate — or the share of mortgages 90-days late or more — fell to 14.41 percent of loans in January. That compared to 20.47 percent a year earlier, CoreLogic said.

The national average for mortgage delinquencies was 4.93 percent in January, down from 6.36 percent a year earlier.

For Florida, January’s foreclosure rate fell to 6.22 percent of mortgages outstanding, down from 10.1 percent a year earlier. The state’s mortgage-delinquency rate dropped to 10.81 percent from 14.99 percent a year earlier, the data firm said.

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