Real Estate News

Miami chipping away at foreclosures

The Miami area's foreclosure rate continues to fall.
The Miami area's foreclosure rate continues to fall. Palm Beach Post

The Greater Miami area continues to chip away at its mountain of foreclosures.

In August, the foreclosure rates in the Miami-Miami Beach-Kendall area fell to 5.66 percent of outstanding mortgages — the lowest level since the crisis and a decrease of 4.82 percentage points from a year earlier, according to CoreLogic.

The Miami area’s foreclosure rate, which measures the percentage of mortgages in some stage of foreclosure, is still more than triple the national rate, which was 1.61 percent in August, the Irvine, Calif.-based data firm said.

The share of mortgages turning bad in the Miami area also continued to fall in August. According to CoreLogic, 11.67 percent of mortgage loans were delinquent by 90 days or more. That compared with 16.68 percent for the same period last year. Nationwide, 4.28 percent of mortgages outstanding were late by 90 days or more.