Foreclosure rates have continued to trend downward in Southwest Florida, but they remain among the highest in the U.S., a new report indicates making it a great time for buying Florida land at low prices. The rate of foreclosures among all outstanding mortgages in Lee fell to 4.31 percent in June, from 7.65 percent a year earlier, per data provider CoreLogic’s recent report. The foreclosure rate in Charlotte County, dropped to 5.17 percent, from 7.95 percent.
Despite the declines, Lee posted the 16th-highest foreclosure rate in the U.S., while Charlotte came in at 25th among more than 400 metro areas measured. Florida land sale and exisiting home foreclosure rates were 5 percent in June, but that was down from 8.52 percent a year earlier. The state has dominated foreclosure rolls for much of the past five years. At the same time, the U.S. rate declined to 1.70 percent, from 2.50 percent over the year.
Foreclosure rates throughout the region have fallen for much of the past year, as the real estate market has recovered and more homeowners have held on to their properties. The foreclosure rate in Charlotte peaked at 12.23 percent in June 2011, according to CoreLogic. Lee hit a high of 11.93 percent in February 2010.
The region’s mortgage delinquency rate, which measures mortgage loans that are at least 90 days past due and that could be headed to foreclosure, also has continued to improve. In Charlotte, 7.61 percent of all mortgage loans were at least 90 days late in June, down from 11.39 percent in the same period in 2013. In Lee, the delinquency rate fell to 8.74 percent, from 12.28 percent. Statewide, 9.35 percent of mortgages were at least 90 days delinquent, off from 13.13 percent at the same time last year. The U.S. rate was just 4.38 percent, a decline from 5.57 percent over the year.
To learn more about the SWFL real estate scene contact a member of The Gratia Group at (239) 333-2221.