Miami foreclosure rate drops by 50 percent

Posted on 06 Feb 2015 in Miami What's New | 0 comments

foreclosureWhen the financial crisis obliterated South Florida’s housing market, the number of foreclosures in Miami skyrocketed.

But as the economic recovery continues, foreclosures have declined dramatically. Even so, Miami still leads the nation.

In November, the rate of foreclosure among outstanding mortgage loans in Miami dropped by nearly 50 percent compared to the same time the year before, falling from 9.35 percent in 2013 to 4.78 percent in 2014.

That’s according to data for the Miami, Miami Beach and Kendall metro area released Thursday by the property analytics firm CoreLogic.

Miami is still seeing more foreclosures than the rest of the state and the nation at large. Florida’s foreclosure rate for November was 3.87 percent and the national rate was 1.48 percent.

Among major metro areas surveyed by CoreLogic, Miami was number one in foreclosures in the U.S. The city with the next highest rate of foreclosures was Las Vegas at 2.39 percent.

The local foreclosure rate peaked at 19.19 percent in Feb. 2011.

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