Real Estate News

Foreclosure rate falls in South Florida

A foreclosed home on Northwest 17th Street in Homestead on Friday, July 17, 2015.
A foreclosed home on Northwest 17th Street in Homestead on Friday, July 17, 2015. MIAMI HERALD STAFF

The foreclosure rate in Miami-Dade and Broward continues to fall as the economic recovery heals the local housing market.

The percentage of Miami-Dade homes in foreclosure in May was 3.68 percent, according to a report from the property analytics firm CoreLogic released Tuesday.

That’s down from 3.88 percent in April and 6.61 percent in May 2014.

Foreclosures in Broward are also falling. The foreclosure rate there was 3.35 percent in May, down from 3.54 percent in April and 6.14 percent in May 2014, CoreLogic found.

Miami-Dade and Broward still have a higher percentage of homes in foreclosure than Florida as a whole (2.89 percent) and the U.S. (1.29 percent).

A report earlier this month found that Miami-Dade, Broward and Palm Beach counties have the sixth highest foreclosure rate in the nation.

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