Foreclosure Rate keeps Falling in Metropolitan Miami Real Estate

According to Martha Brannigan in her article for the Miami Herald foreclosures rates keep dropping in Miami Metropolitan area.  This steady pace of foreclosures falling will help to restore the overall confidence of investors and more importantly the financial soundness of our local economy.

The foreclosure rate – the percentage of mortgages in some stage of foreclosure – fell to 14.59 percent in Greater Miami in November 2012, down 3.13 percentage points from a year earlier, continuing a long downward trend, CoreLogic said.

The percentage of delinquent mortgage loans in the Miami-Miami Beach-Kendall area fell 3.87 percentage points in November to 21.24 percent from 25.11 percent a year earlier, the Irvine, Calif.-based data firm reported.

The delinquency rate is the percentage of loans more than 90-days delinquent, including foreclosures and mortgages in which a lender has taken title to a property.

While metro Miami’s trends show continued solid improvement, its rates of foreclosure and mortgage delinquency remain far above national and state levels.

In November, the foreclosure rate was 10.41 percent across Florida and 2.97 percent nationwide. The delinquency rate was 15.45 percent in Florida and 6.45 percent nationally, CoreLogic reported.

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