Josh Salman | Herald-Tribune |
“Foreclosure rates in Southwest Florida fell in November from the same time last year, continuing a trend of home loan delinquencies that have slowly waned throughout the past year.
The rate of foreclosures among all outstanding mortgage loans in the North Port-Sarasota-Bradenton area was 6.04 percent in November, the latest data available from industry researcher CoreLogic Corp.
That rate was down by 3.59 percentage points compared with the same month a year ago, when the rate was 9.63 percent, according to the report released Wednesday.
But foreclosure activity locally remains nearly three times higher than the national average of 2.18 percent, CoreLogic noted.
There are hopeful signs, however, notably that the North Port-Sarasota-Bradenton mortgage delinquency rate has decreased, easing the threat of future foreclosures.
In November, 9.71 percent of all area mortgages were 90 days or more past-due, compared with 13.86 percent for the same period last year, a decrease of 4.15 percentage points, according to CoreLogic.
Both foreclosure and delinquency rates have slid drastically over the past few years, as improving property values have restored equity to homeowners and banks have become more willing to cut loan modifications for more troubled borrowers.
The region’s foreclosure rate has now dropped by half since it registered 12 percent in January 2011. The 90-day delinquency rate also has declined by 42 percent during that same time frame, records show.”