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This week in Miami real estate: New cash sales data and an extended EB-5 visa program

by James McClister

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Lots of interesting things happened this week in the world of real estate. Notable stories this week include new cash sales data and the announced extension of the EB-5 visa program.

Catch up on this week’s top news with our real estate news roundup:

Greater Miami data a plenty – CoreLogic released two reports on the Miami-area residential real estate market, and here’s what we learned:

The cash sales share in Greater Miami was down for the month of June over the same period last year and sits at 47.9 percent, a 6.1 percentage point decrease compared with June 2015. The cash sales share in Greater Miami was higher than the 29.3 percent national rate.

Data revealed that foreclosures among outstanding mortgage loans was 2.34 percent for July 2016, a decrease of 1.21 percentage points compared with July 2015 when the rate was 3.55 percent. Foreclosure activity in Greater Miami was higher than the national foreclosure rate, which was 0.93 percent for July 2016.

Also in Greater Miami, the mortgage delinquency rate decreased. According to CoreLogic data for July 2016, 5.95 percent of mortgage loans were 90 days or more delinquent compared with 8.23 percent for the same period last year, representing a decrease of 2.28 percentage points.

EB-5 visa program extended – In a move that’s sure to affect plenty in Miami, Congress last week extended the EB-5 visa program, as is, until December, The Real Deal reported.

Roger Ailes buys Palm Beach mansion – Earlier this year, Roger Ailes was forced to resign from Fox News in disgrace after several employees came forward with allegations of gross sexual harassment. He was given a $40 million payout upon his exit, and last week, he spent $36 million of it on a 10, 156-square-foot mansion in Palm Beach, with six bedrooms and 10 bathrooms, Curbed reported.

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