- March 28, 2024
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At the end of February, 12.5% of all outstanding mortgage loans in Florida were in some state of foreclosure, according to CoreLogic. That ratio is up 1.5 percentage points from the same month a year ago.
Cape Coral-Fort Myers continues to have the highest foreclosure rate among Gulf Coast metro areas at 12.61% — down .74 percentage points over the year, but up nearly a full point since October 2010.
The foreclosure rate in North Port-Bradenton-Sarasota is at 12.11%, according to CoreLogic, while in Tampa-St. Petersburg-Clearwater the rate is 11.85%. In both markets, rates have increased each month since at least January 2009.
Last month, experts at RealtyTrac reported that foreclosure filings were down 62% in the first quarter of 2011 relative to 2010 — but that report came with the caveat that Florida's judicial process for foreclosures may be slowing the system down artificially.
The national foreclosure rate is nearly four times lower than Florida's rate, as just 3.6% of all properties with an outstanding mortgage loan nationwide are in foreclosure.