Foreclosures in Miami are Reducing

Written By: Emil FleysherOctober 1, 2014

The rate of foreclosures in Miami 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. Meanwhile, in Miami, it is almost 3 times that percentage. This is all according to CoreLogic, an Irvine, California data-based firm.

In July 2013 the rate of foreclosures 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.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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