More and more of the Gulf Coast's outstanding mortgage loans are becoming part of the foreclosure process. Foreclosure rates rose in each of the region's three major metro areas in January 2011, according to Corelogic.
The statewide foreclosure rate at the end of January was 12.4%. In Tampa-St. Petersburg-Clearwater, the rate was 11.72%; in North Port-Bradenton-Sarasota, the rate was 12.01%; and in Cape Coral-Fort Myers the foreclosure rate was 12.59%.
For Tampa Bay and the Sarasota area, foreclosure rates are currently at their highest since at least January 2009. The Cape Coral area had been seeing its foreclosure rate go down since January 2010, when it peaked at 22.75%. But the January 2011 rate was 0.24 percentage points higher than it was in December 2010.
Nationwide, just 3.63% of all outstanding mortgage loans were in some state of foreclosure as of January 2011 — but that rate rose 0.57 percentage points over the year.
The 90-day delinquency rate for outstanding mortgage loans — which is inclusive of foreclosures — was at 16.81% in Sarasota, 17.32% in Tampa Bay, and 19.42% in Cape Coral. The statewide rate was 18.51%, roughly the same as it was a year ago.
The nationwide 90-day delinquency rate was 7.87%.