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Tampa Bay-Lakeland
Business Observer Thursday, Sep. 8, 2011 10 years ago

Fort Myers foreclosures down

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The area's foreclosure rate is down 16% from its peak level in January 2010.

The foreclosure rate in Fort Myers-Cape Coral fell again in June, to 11.35%, and has been falling since peaking at the beginning of 2010, at 13.49%, according to CoreLogic.

The percentage of outstanding mortgage borrowers more than 90 days late on payments has also fallen consistently since January 2010. At the beginning of last year, nearly 23% of all borrowers were three months late on payments; now 17.43% are delinquent on their loans.

In Tampa-St. Petersburg-Clearwater, mortgage loan delinquency has been falling since the beginning of this year, when the market saw a new peak rate of 17.19% in February. In June, delinquency was down by about half a percentage point, to a rate of 16.71%. At the same time, foreclosures are up: 12.17% of all outstanding mortgage loans in the Tampa Bay area are in some state of foreclosure, nearly double the rate from January 2009.

Foreclosures have also been increasing in the North Port-Bradenton-Sarasota metro area; the foreclosure rate in that market now stands at 12.12%. Mortgage loan delinquency is at 16.33% and has been hovering at just more than 16% since the January 2010.

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