Foreclosures Show More Declines
There’s more good news to report regarding the South Florida real estate market. On top of price increases and healthy sales, a recent report shows that delinquent mortgages and property foreclosures have gone down across the region, further solidifying the evidence that the housing market continues to show improvement.
In Broward County, the rate of foreclosures dropped by 2.01 during November when compared to the previous year. It’s actually the largest drop in the entire tri-county area. Just over 2.5 percent of Broward County mortgages were in foreclosure, representing a decrease of more than four percent from a year earlier.
While Broward County showed improvements, Palm Beach County wins the distinction of having the lowest foreclosure rate in South Florida at a mere 1.95 percent. This lower rate is down from last year’s 3.49 percent. In Miami-Dade County the foreclosure rate also decreased from 4.80 percent to 3.21 percent.
Interestingly, the tri-county area actually saw more improvement than the country as a whole. Nationally, the rate of foreclosure dropped from 1.49 percent to 1.17 percent.
Buyers are benefiting from an economy that is largely stronger, and lenders are also taking stricter steps to ensure that borrowers are well qualified and are considered a low risk of defaulting on their loans.
This update is brought to you by The Lotus Sisters, experts in Wilton Manors real estate. We are also well versed in Broward County communities like Fort Lauderdale real estate and affluent Miami-Dade neighborhoods such as Coral Gables and Bal Harbour. Contact us today to answer any buying or selling questions you may have.