Southwest Florida Foreclosures Down, But Remain Among Highest in the U.S.

Southwest Florida Foreclosures Down, But Remain Among Highest in the U.S.In the month of May 2013, foreclosure rates in Southwest Florida were down quite a bit, but not enough to prevent the area from having one of the highest foreclosure rates in the United States.

Data analysis firm CoreLogic’s statistics released recently show that the foreclosure rate in the Sarasota-Manatee part of Florida dropped to 8.08 percent in May 2013, down from 11.21 percent in May 2012. Likewise, foreclosure rates in Charlotte County were down from 10.49 percent to 8.27 percent year-over-year.

Still, Charlotte County ranked 13th out of over 400 metro areas in the U.S. in terms of foreclosure rate, while the Bradenton-Sarasota metro placed 14th place, right behind Charlotte. Among all 50 states, Florida had the highest state foreclosure rate at 8.93 percent, though this was a huge comedown from the 11.77 percent recorded the year before. The national rate was only 2.61 percent, down year-over-year from 3.46 percent – with that in mind, Florida’s foreclosure rate is still about three and a half times as high as the overall U.S. rate.

Other key metrics were also down as of May, according to CoreLogic’s report. Mortgage delinquency rates in Sarasota-Manatee dropped from 15.54 percent in May 2012 to 11.72 percent in May 2013, while this figure dropped from 15.45 percent last year to 12.55 percent this year in Charlotte County.

For the whole of Florida, 13.41 percent of mortgages were reported delinquent, a decrease from last year’s 16.75 percent. Mortgages are considered delinquent if they are, at the time of the report, more than 90 days past due.