Miami Foreclosures fall 5.62%
The number of Miami homes in November, in some stage of the foreclosure process, dropped by 5.62% in Miami-Dade County compared to October. However, according to figures released Thursday by foreclosure data firm RealtyTrac, Miami foreclosures were still up by double-digit percentages versus the same month last year.
In November, 7,306 Miami homes had either received a foreclosure notice, were scheduled for auction or taken back by a bank in an auction sale. This was an increase of almost 13% from year ago.
The number of new Miami foreclosures filings was up from last year by a large 30% predicting a bigger lump of Miami homes that are likely to enter the market later on.
Miami-Dade ranked seventh in the state for foreclosures, with one of every 133 Miami homes in some stage of the process. By comparison, one home in every 417 was caught up in foreclosure nationally.
In November, the foreclosure rate in Broward fared slightly worse compared to October, rising 4.44%, with one of every 113 homes in the pipeline.
The rate was up 4.38% from a year ago and new foreclosure filings were up 27% from last year.
Following Nevada, Florida (with one home per 165 in foreclosure) displaced California for the state with the second-highest percentage of Miami homes in foreclosure. In Nevada, there was one home in foreclosure for every 119 that were not.
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