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Miami-Dade County sees drop in foreclosure rate

Struggles with mortgage debt can be very impactful on homeowners. Sometimes, such struggles will lead to a homeowner facing foreclosure.

Recently, the South Florida Business Journal reported on some foreclosure/mortgage debt-related statistics. The statistics are from CoreLogic and they regard mortgage delinquency and foreclosure rates in Miami-Dade County and the other counties which make up the South Florida region.

According to the statistics, the foreclosure rate in Miami-Dade County in January 2012 was down as compared to the rate from the previous January. Reportedly, in January 2012, the foreclosure rate in Miami-Dade County was 17.51 percent. In January 2011, the county's foreclosure rate was 18.97 percent.

The statistics indicate that the 90-day mortgage delinquency rate in Miami-Dade County was also down in January 2012. Reportedly, Miami-Dade County saw a 90-day mortgage delinquency rate of 24.77 percent in January 2012. Last January, this rate was at 27.17 percent.

Reportedly, both of the other two counties which make up the South Florida region also saw year-over-year decreases in these rates in January 2012.

However, while mortgage delinquency and foreclosure rates have gone down in the South Florida region, the rates in this region are still very high as compared to the national rates. Thus, it appears that mortgage debt struggles continue to plague homeowners in Miami-Dade County and South Florida.

The above-mentioned statistics give rise to some questions. What caused the above-mentioned drop? Will we continue to see drops in foreclosure and mortgage delinquency rates in Miami-Dade County and the South Florida region in upcoming months? Will these rates eventually start getting closer to the national rates? It will be interesting to see what the answers to these questions ultimately turn out to be.

Source: South Florida Business Journal, "South Florida foreclosure, 90-day delinquency rates down in January," Oscar Pedro Musibay, March 27, 2012

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