Good News for Miami – Foreclosures Are on the Decline

red house drawing with roof as arrow pointing downThe Miami Herald reports that foreclosures in the Miami area are decreasing. According to CoreLogic, one of the leading providers of financial and real property information, 8.09 percent of the mortgages outstanding in January in the Miami-Miami Beach-Kendall area were in some stage of foreclosure, down from 14.02 percent a year earlier.

Although Miami’s foreclosure rate has seen incremental improvement, the area’s foreclosure activity is still significantly higher than the national average. According to CoreLogic, the national average for foreclosures was 1.97 percent for January of this year.

The number of delinquent mortgages (90+ days late) in the Miami area also continues to improve. CoreLogic reports that past due mortgages fell from 20.47 percent in January of 2013 to 14.41 percent this past January.

Again, Miami’s mortgage delinquency rate is substantially higher than the national average. The national average for mortgage delinquencies was 4.93 percent in January, down from 6.36 percent a year earlier.

The state of Florida has also seen improvement. The foreclosure rate in January fell to 6.22 percent of mortgages outstanding, down from 10.1 percent in January of 2013. Additionally, Florida’s rate of delinquent mortgages decreased from 14.99 percent in 2013 to 10.81 percent this year.

If you are a homeowner and you are past due on your mortgage payments, it may be time to consider your various debt relief options.

Please keep in mind that every case is different. If you have questions about your debt relief options and would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 280-5066.

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