An aerial view of Miami's Brickell neighborhood (Credit: creative commons user Towpilot)
Miami-Dade County, once center stage for the U.S. foreclosure crisis, has fallen to fifth place out of the country’s biggest hot spots for distressed properties.
Out of all the homes sold during November 2015, 20.3 percent of them were distressed. That includes homes that were either in some stage or foreclosure or were sold to satisfy an outstanding mortgage through a short sale.
That percentage fell by 1.1 percent year-over-year, but held mostly steady compared to October.
In the top spot was Orlando, which held its title as the country’s biggest offender for distressed properties for much of 2015. Roughly 21.2 percent of all Orlando’s home sales in November were distressed.
Also ahead of Miami-Dade was Tampa with 20.7 percent. Chicago’s share of distressed properties grew to 20.4 percent in November, tying Baltimore for fourth place.
Despite Miami’s falling rate of distressed properties, the county still posted a share much higher than the national rate. About 11.9 percent of U.S. home sales during November were distressed — down 1.9 percent year-over-year.
Miami-Dade County's residential market has slowed dramatically in recent months, thanks in part to these declining distressed properties. Both sales volume and pricing have begun wavering county-wide, and a glut of new inventory has piled up for both condos and single-family homes. — Sean Stewart-Muniz
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