Business

Miami foreclosure rate keeps falling

By Martha Brannigan

mbrannigan@MiamiHerald.com

The foreclosure rate in the Miami area fell in July to its lowest level since the housing crisis. Still, with 5.9 percent of area mortgages in some stage of the foreclosure process, Miami’s foreclosure rate is more than triple the national level.
The foreclosure rate in the Miami area fell in July to its lowest level since the housing crisis. Still, with 5.9 percent of area mortgages in some stage of the foreclosure process, Miami’s foreclosure rate is more than triple the national level. David Zalubowski AP

The foreclosure rate in the Miami area fell to 5.9 percent in July, the lowest level since the housing crash, according to CoreLogic.

Still, the rate of foreclosure activity in the area, which includes Miami, Miami Beach, and Kendall, remains more than three times the national average of 1.7 percent of mortgages outstanding, according to the Irvine, Calif.-based data firm.

The foreclosure rate, which reflects the percentage of mortgages in some stage of the foreclosure process, was 11 percent in the Miami area in July 2013.

CoreLogic said a smaller share of Miami mortgages are turning sour. In July, the delinquency rate for the Miami area fell, as 12 percent of mortgages were late by 90 days or more, down from 17.4 percent a year earlier.

Nationwide, 4.3 percent of mortgages were delinquent in July, compared with 5.5 percent a year earlier, CoreLogic said.

This story was originally published September 30, 2014 at 12:49 PM with the headline "Miami foreclosure rate keeps falling."

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