Miami foreclosure rate experiencing a paradox

Miami is experiencing a change in its foreclosure rates. While the rates remain high in the greater parts of the city, the movement is geared towards the right direction.

According to reports from CoreLogic, 13.25 percent of properties underwater in their mortgages located in Miami, Miami Beach and Kendall were still in the process of foreclosure in March. While this is still quite a significant number, that is down almost 5 percent from the 17.51 percent last year. Still, the rate of properties in foreclosure in Miami is larger than the national average of 2.84 percent.

Again from CoreLogic, 19.54 percent of mortgage loans in Miami were three months or more delinquent. This was in March and was significantly lower than the 24.08 percent from last year. This, however, was still higher than the national delinquency rate of 6.01.