There is finally some good news in the Miami real estate market – there are fewer mortgage loans in foreclosure and fewer going into default. While this is a step in the right direction, CoreLogic reports that Miami’s rate of foreclosures, and the number of past due mortgages, are still above state and national levels.
CoreLogic, one of the premier sources for real estate information, reports that Miami, Miami Beach, and Kendall’s foreclosure rates fell to 7.4 percent in March, which is a decrease of 5.91 percent from March 2013, when it exceeded the national rate by nearly four times.
The mortgages in Miami that are at least 90 days delinquent fell from 19.63 percent in March 2013 to 13.53 percent in March 2014. The national rate fell to 4.66 percent from 6.03 percent in March 2013. CoreLogic also reports that Florida’s overall mortgage delinquencies dropped to 10.22 percent in March 2014, which is down from 14.37 percent in March 2013.
The state also continues to see improvement in its overall foreclosure rate. Florida had 9.71 percent of its mortgages statewide in some stage of foreclosure in March of 2013, and this year it has 5.76 percent. Again, Florida’s foreclosures are much higher than the nation’s foreclosure rate, which was 1.86 percent, down from 2.85 percent in March 2013.
If you are a property owner, you are past due on your mortgage payments, and you are facing foreclosure, 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) 516-2566.