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Tampa Bay-Lakeland
Business Observer Monday, Jun. 6, 2011 9 years ago

Foreclosure picture still stark

Florida's foreclosure rate rose 1.5 percentage points over the year in March.

Across Florida, 12.5% of all outstanding mortgage loans were in some state of foreclosure in March. That rate is up 1.46 percentage points over the past year, according to CoreLogic.

Rates in each of Southwest Florida's major metro areas — Tampa Bay, Sarasota-Bradenton and Cape Coral-Fort Myers — are also hovering around 12%, CoreLogic says. Cape Coral's rate decreased over the year, but is the highest of the three markets, at 12.45% through March.

Florida's foreclosure rate is more than three times higher than the national average; throughout the U.S., just 3.57% of all outstanding mortgage loans are in some state of foreclosure.

Furthermore, more than 18% of all of Florida's outstanding mortgages are at least 90 days late on payments. That's more than twice the national rate of 7.5%.

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