June foreclsoure rates down in South Florida counties

South Florida's foreclosure rates and delinquencies on outstanding mortgage loans dropped in June.?

Foreclosure rates dropped in June by more than 1.5 percentage points in all three South Florida counties, with Miami-Dade County recording a 2.39 percentage-point drop, year-over-year.

Despite the decline, South Florida lags way behind the national foreclosure rate, which was 3.27 percent in June 2012.

Mortgage delinquency also declined in each county.

CoreLogic indicates that Miami-Dade area foreclosures among outstanding mortgage loans was 16.51 percent, a decrease of 2.39 percentage points compared to June of last year.

More than 23 percent of mortgage loans were 90 days or more delinquent in June, compared to 26.02 percent for the same time a year ago, a 2.78 percentage point decrease.

Broward County?s foreclosure rate was 12.99 percent in June, a 1.65 percentage point drop from a year ago. Nearly 19 percent of mortgage loans were 90 days or more delinquent, which is a decrease of 2.12 percentage points.

In Palm Beach County, the foreclosure rate among outstanding loans was 11.69 percent for June, a drop of 1.5 percentage points from the prior year period. Additionally, 16.72 percent of mortgage loans were 90 days or more delinquent compared to 18.86 percent in June 2011, a 2.14 percentage-point drop.

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