As we have mentioned previously on this blog, many homeowners in Miami-Dade County and Florida have faced mortgage struggles and foreclosures in recent years. Mortgage struggles and foreclosures can have significant impacts on homeowners. Recently, a report was released which contained some interesting statistics on mortgages and foreclosures.
The report was issued by CoreLogic and it included statistics on foreclosure rates and 90-day mortgage delinquency rates.
According to the report, between June of 2010 and June of 2011, Miami-Dade County saw a rise in its foreclosure rate. Reportedly, in June of 2011, 18.8 percent of mortgage loans in the county were in foreclosure. This rate was only at 17.6 percent in June of 2010.
The report indicated that Miami-Dade County saw the opposite trend when it came to its 90-day mortgage delinquency rate. In June of 2011, the county’s 90-day mortgage delinquency rate was at 25.6 percent. This is a drop from the 27.5 percent rate that the county saw in June of 2010.
Thus, this report appears to indicate that, as of June, Miami-Dade County was experiencing contrasting trends of rising foreclosure rates and falling 90-day mortgage delinquency rates. This gives rise to some intriguing questions. What is causing these contrasting trends? How long will Miami-Dade County continue to see these trends? What impacts will these trends and their causes ultimately have on consumers in Miami-Dade County? What impacts will these trends and their causes have on the county’s economy? One wonders what the answers to these questions are.
Source: Miami Herald, “South Florida’s foreclosure rate rises,” Toluse Olorunnipa, Sept. 8, 2011