Loading
FORT MYERS — The foreclosure rate in Cape Coral-Fort Myers dropped by nearly a full percentage point over the year in May, bucking the statewide trend of a worsening real estate picture.
To be sure, foreclosure issues continue to be a drag on the region's economy: 11.74% of all area mortgages are in some state of foreclosure, according to CoreLogic. But improving foreclosure metrics are rare throughout Florida these days; while Fort Myers' foreclosure rate fell a percentage point, the statewide rate increased from 11.15% to 12.43%.
The percentage of outstanding mortgage borrowers in Fort Myers at least 90 days late on payments also fell, from 21.45% to 17.87%. The statewide 90-day delinquency rate is 17.77%, CoreLogic estimates.
Fort Myers' foreclosure rate for May is down to its lowest rate since October 2010, when CoreLogic also set its rate estimate at 11.74%. Up to that point, the foreclosure rate had been falling since its peak level of 13.64% in August 2009.
Nationwide, 3.45% of all outstanding mortgage loans are in foreclosure, and 7.29% of borrowers are 90 or more days late on payments.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
