Foreclosures in Miami are Reducing
Written by Emil Fleysher | October 1, 2014 | Foreclosure
Miami’s foreclosure rate has fallen by 5.9 percent in July. This has been its lowest point since the crash of the housing market. Unfortunately, Miami, which also includes Miami Beach and Kendall, are still among the highest in the country. The number of outstanding mortgages averages at about 1.7 percent in the county, while in Miami it is almost 3 times that percentage. This is all according a CoreLogic, an Irvine, California data based firm.
During July 2013 the foreclosure rate in Miami, which indicates the number of properties whose mortgages are going through some process of foreclosure, was 11 percent. Earlier in the year 5.5 percent of mortgages were past due nationwide, and as of July only 4.3 percent are delinquent in the Country. However, in July of this year the rate of mortgages that were past due for 90 days or more in Miami went down to about 12 percent from the previous 17.4 percent at the beginning of the year.
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