RealtyTrac: Miami metro area’s foreclosure auctions tripled in June

Miami maintains the highest foreclosure rate in the U.S. and auctions more than tripled last month, Bloomberg reported.

One in 236 housing units in South Florida received a foreclosure filing in June, more than four times the national average, Bloomberg said, citing a report by Irvine, Calif.-based RealtyTrac.

The frequency of large auctions reflects the state’s effort to push through foreclosure proceedings and clear a judicial backlog.

Blackstone [link] and other investors are buying distressed assets – often single-family homes with between one and four households – to convert them into rentals amid soaring prices and low inventory. [Bloomberg] –Emily Schmall

via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/l4HNzmwO-pA/