Pursuits
Miami Tops U.S. Foreclosures as Banks Selling in Boom
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Miami’s foreclosure rate ranked at the top of major U.S. metropolitan areas last month as auctions more than tripled, signaling lenders are preparing to sell a backlog of distressed properties amid rising home prices.
One in 236 housing units in the area that includes Miami, Fort Lauderdale and Pompano Beach received a foreclosure filing in June, more than four times the national average, RealtyTrac Inc. said in a report today. The jump was led by notices of scheduled auctions -- the step before a bank-owned property sale -- which rose 283 percent from a year earlier to 5,172 homes, according to the real estate data company.