Stats show mortgage delinquencies still rising in S. Florida
By Monica Hatcher | Miami Herald
The number of South Florida homeowners behind on their mortgages nearly doubled in June compared to a year ago, as home prices continued a precipitous decline and interest rates this week reached their highest point in a year.
In Miami-Dade and Broward counties, the median existing home price fell an average of 20.5 percent in June to about $299,300.
In both counties, the percentage of borrowers behind on mortgage payments is well above the national average of 4.62 percent, reports Moody's Economy.com.
In the three-month period ending June 30, more than 10.13 percent of borrowers in Miami-Dade with first mortgage loans were behind on payments by 30 days, up from 5.61 percent last year. In Broward, the delinquency rate was 9.34 percent, up from 5.15 percent during the same three-month period a year ago.
The number of sales each month has risen steadily since March, driven by bargain buyers, but the number of homes for sale continues to far outpace the number of houses and condos that change hands.
In Miami-Dade, 984 condos and single-family homes were sold in June, of 43,188 properties listed in the Multiple Listings Service. In Broward, June sales were 1,230 of 39,703.
The oversupply of homes on the market will mean further price declines well into the next year and a half, said Chris Lafakis, an associate economist with Moody's Economy.com who analyzes the South Florida market.
Read the full story at newsobserver.com.
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