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Miami’s foreclosure rate falls to 9.9 percent

The foreclosure rate for the greater Miami area declined to 9.9 percent for September, marking the first time since January 2009 that the rate dropped below 10 percent, according to CoreLogic.

The September foreclosure rate — which is the percentage of mortgages in some stage of foreclosure — marked a decline of 5.97 percentage points from a year earlier, the Irvine, Calif.-based data firm said.

The mortgage delinquency rate, or the share of mortgages 90 days or more past due, also declined in the Miami-Miami Beach-Kendall area in September. That rate fell to 16.18 percent in September from 22.44 percent a year earlier, CoreLogic said.

Despite a long-running stretch of improvements, Miami’s mortgage picture remains more troubled than the national outlook, with a foreclosure rate more than four times the national average. The U.S. foreclosure rate in September was 2.29 percent, down from 3.25 a year earlier, CoreLogic said.

Similarly, Miami’s mortgage delinquency rate for September remained more than three times as high as the nationwide delinquency rate of 5.21 percent. The national delinquency rate for September posted a decline from 6.69 percent a year earlier, the firm reported.

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