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FORT MYERS -- The percentage of mortgage borrowers more than 90 days late on payments has dropped in Fort Myers-Cape Coral, from nearly 20% a year ago to 16.38% in September of this year.
Foreclosures have fallen as well, from 11.91% of all properties with a mortgage in the area a year ago to 10.62% this September, according to CoreLogic.
While the Fort Myers-Cape Coral market improves, foreclosure numbers have increased at the statewide level. Across all of Florida, 12.28% of all mortgaged properties are in some state of the foreclosure process, compared with 11.38% in September 2010.
The U.S. foreclosure rate is up, too -- but only slightly, and remains nearly 75% lower than Florida's rate, at 3.48%. A year ago, the rate was 3.30%, CoreLogic says.
The reduction to the 90-day delinquency rate in Fort Myers-Cape Coral puts it in the same neighborhood as both Tampa-St. Petersburg-Clearwater and North Port-Bradenton-Sarasota, which have rates of 16.73% and 16.16% respectively. But while the southernmost metro saw a sharp over-the-year decline in its rate, the two other Gulf Coast metros saw slight increases.
Fort Myers-Cape Coral also has the region's lowest foreclosure rate. The foreclosure rate in North Port-Bradenton-Sarasota is 11.84%, up nearly a full percentage point over the year and 1.22 points higher than the Fort Myers rate. Tampa-St. Petersburg-Clearwater has a foreclosure rate of 12.26%, up 1.55 percentage points.
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