Foreclosures have become an increasing major issue in Miami-Dade County in recent years. Foreclosures and mortgage struggles can have significant impacts on a consumer. Recently, the South Florida Business Journal reported on some mortgage/foreclosure related statistics. The statistics are from CoreLogic and they regard Miami-Dade County’s foreclosure rate and mortgage delinquency rate.
According to the statistics, in October of 2011, the foreclosure rate in Miami-Dade County was 18.13 percent. This rate reportedly is similar to the rate the county had in October of 2010.
Meanwhile, the nation as a whole reportedly had a foreclosure rate of 3.51 percent in October of 2011. Thus, it appears that Miami-Dade County is experiencing a significantly higher foreclosure rate than the nation as a whole is.
According to the statistics, the 90-day mortgage delinquency rate in Miami-Dade County was 25.14 percent in October of 2011. This is a slight decrease from the delinquency rate the county had in October of 2010 (which was 27 percent). The South Florida Business Journal article which reported on the CoreLogic statistics did not include any statistics regarding the national mortgage delinquency rate.
Thus, the statistics indicate that, in October of 2011, the foreclosure and mortgage delinquency rates of Miami-Dade County were at about the same levels they were at in October of 2010. They also indicate that the foreclosure rate in Miami-Dade County is quite high as compared to the rate of the nation as a whole. One wonders if the foreclosure rate in Miami-Dade County will continue to remain at this high level in 2012. One also wonders what effects this high foreclosure rate is having on consumers in Miami-Dade County.
Source: South Florida Business Journal, “CoreLogic: South Florida foreclosure rate much higher than nation,” Oscar Pedro Musibay, Jan. 5, 2012