South Florida still second highest for foreclosures in August

Posted on 17 Sep 2015 in Miami What's New | 0 comments

forclosureDespite a strengthening housing market, South Florida reported the second highest rate in the country during August.

A new report from RealtyTrac said that the Miami metropolitan area, which covers Miami-Dade, Broward and Palm Beach counties, had a foreclosure rate of one in every 568 housing units last month.

The region was behind only Tampa, which posted a foreclosure rate of one in every 527 housing units (single-family homes or condos).

That rate, however, is not nearly as high as it was in 2014 — or even earlier this year. In July, the tri-county area had a foreclosure rate of one in 339 homes. And when comparing the August rate to the same month last year, foreclosures are down 37 percent, according to the report.

The Miami metro’s rate is gradually decreasing to match the national average of one in every 1,205 housing units.

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