The number of distressed sales in Miami-Dade County continued to fall through June, though the county still ranks highly compared to the rest of the nation, according to a new report from CoreLogic.
Out of all the county’s home sales in June, 22.8 percent of them were distressed. That means the homes were either owned by banks or lenders due to a repossession, or were short sales from owners trying to satisfy a debt.
Miami-Dade’s ratio of distressed sales has fallen slowly but consistently since the beginning of this year. In May, 23.3 percent of the county’s home sales were distressed. And in April, that number was 23.8 percent.
Despite the local market shaving away at these properties every month, Miami-Dade has the second-highest amount of distressed sales in the country behind Orlando. That city in Central Florida saw 24.2 percent of its home sales made up by distressed properties in June.
Analysts say the decline can partially be attributed to courts clearing through a backlog of bank-owned homes that piled up during the housing market crash in the late 2000s. At its peak in January 2009, distressed properties accounted for roughly a third of all the country’s home sales.
Source: The Real Deal