Once a
hotbed of foreclosure activity during the housing crash, Miami-Dade County
continued to drain its backlog of lender-owned properties in September,
according to a newly released report.
The
report from real estate research firm CoreLogic shows the county’s foreclosure
rate fell 36 percent year-over-year to 2.2 percent. Delinquencies, the
precursor to foreclosures, also dropped by 33 percent to 5.3 percent in the
same time period.
South
Florida as a whole was once the nation’s king of foreclosures, boasting
a rate of one in every 269 homes in 2013. Those properties were were
some of the first to be snapped up by investors as Miami-Dade began recovering
from the housing crash, eventually giving way to higher
home prices and
stronger home ownership.
Even
so, the county still has far to go before it beats the national rate of 0.9
percent.
And
while worry is brewing that Miami-Dade is facing another residential market
crunch, market watchers have contended that several factors are protecting the
metro from another foreclosure onslaught.
Its
historically high
rate of all-cash home purchases means
homeowners have more equity protecting them from banks, and new developments
typically require 50
percent deposits, meaning buyers are more reluctant to walk away from their
units. — Sean Stewart-Muniz
Original Content The
Real Deal
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