- March 27, 2024
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In another indicator, it appears the Cape Coral-Fort Myers real estate market is leading the housing recovery on the Gulf Coast.
February data from researcher CoreLogic show that, year-over-year, the rate of foreclosures and delinquent mortgages fell fastest in Cape Coral-Fort Myers compared with the other markets on the Gulf Coast. Foreclosure rates increased slightly in the Tampa-St. Petersburg-Clearwater market, while they decreased in the North Port-Bradenton-Sarasota and Cape Coral-Fort Myers markets.
The Cape Coral-Fort Myers market saw the largest drop in the foreclosure rate among outstanding mortgage loans in February, with a 2.54% decrease from February 2011 to a rate of 10.01%. Its delinquency rate — the percentage of mortgage loans delinquent 90 or more days — has also decreased during that time. It was 15.91% in February, compared with 19.10% the same month in 2011, a change of 3.19%.
The North Port-Bradenton-Sarasota market improved slightly in February compared with the same month a year ago. Its foreclosure rate fell .57%, to 11.50%, and its delinquency rate fell .54% to 16.21%.
In the Tampa-St. Petersburg-Clearwater market, the foreclosure rate increased to 12.20% in February, up .41% from the same month a year ago. However, its delinquency rate decreased slightly, from 17.21% in February 2011 to 17.03%.
Although two out of three markets show improvements compared with last year, Florida's real estate market still lags far behind the rest of the country. The national foreclosure rate for February was 3.41%, and the national delinquency rate was 7.24%.
Santa Ana, Calif.-based CoreLogic is one of the largest providers of real estate research and trends in the country.