Markets & Economy

Miami foreclosure backlog is working its way out

Miami's high ranking shows that foreclosure backlog is being erased
  • In new numbers calculated by RealtyTrac, the Miami MSA ranked 22nd in the nation for foreclosures.

  • Miami showed declines in its foreclosure rate both month-to-month in December to January, and year-over-year from January 2015 to this January.
  • In terms of a ratio, in Miami, one out of every 808 homes is somewhere in the foreclosure process.

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Although most of the country is out of the foreclosure woods, there are still little pockets of darkness. One of those places is Miami. In new numbers calculated by RealtyTrac, the Miami MSA ranked 22nd in the nation for foreclosures. The company computes that ranking by dividing the total number of housing units in an area by the number of foreclosures. They rank only metros with a population of 200,000 or better on this list. In terms of a ratio, in Miami, one out of every 808 homes is somewhere in the foreclosure process. In January, RealtyTrac found there to be 3,063 homes in foreclosure in the Miami metro. That’s a month-over-month dip of 4.06 percent, and a 45.29 percent decline compared with January 2015. Many factors can play into these rates. For example, some states have much longer foreclosure processes than others, depending on legal requirements and backlogs. There are six states where the foreclosure process can take more than 1,000 days-- Florida is ...