Core Logic announced that the foreclosure rate has fallen in Miami to 14.59%, which is 3.13% percentage points down from a year earlier. The number of delinquent mortgage loans in the Miami area fell 3.87%. The definition of delinquent is more than 90 days and the rate includes foreclosures and mortgages where a lender has already taken title to the property. It has been steadily declining over the past two years and the actual prices foreclosed homes are fetching are at all time highs due to the demand, both foreign and domestic. The delinquency is above national averages and across Florida the rate us 10.41% and 2.97 % nationwide.
The market in Miami is experiencing incredible gains currently, and sellers are fetching top dollar for homes. Inventory in Miami Beach in both condos and homes is below what economists consider a healthy level. Buyers looking for a bargain are coming up empty handed in Miami Beach. With 100 new buildings planned there will be an influx in inventory but not until 2014. Last year the highest priced home was sold and this year the highest priced condo was sold. We Expect big things from the market in 2013, and the foreclosure rate to continue to slow.