The spirit of Alonzo Mourning, the legendary shot-blocking center of the NBA’s Miami Heat, lives on in South Florida.
According to MarketWatch, Miami had the highest denial rate for mortgage applications in 2015, turning down 19.4 percent of the 15,887 mortgage applications submitted. The rate was the highest in the nation by far, topping Tampa (12.6 percent), New York City (12.3 percent), and Las Vegas (11.6).
Miami is one of the most expensive housing markets in the country, which causes residents to buy out of their price range. The city was also hit hard by the housing crisis in 2009, and many low-end homeowners lost their properties.
Data show, in fact, that the most common reasons for denial in the Miami area were insufficient collateral and high debt-to-income ratio; each makes up almost one-third of the rejected cases. The percentage of denial caused by collateral, especially, is much higher than the national average of 18.3%.