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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Florida Has Worst Rate of Serious Delinquency, Foreclosures

U.S. 90-day delinquency 7.2 percent in January

March 15, 2012

By Mortgage Daily staff

Only two major metropolitan areas have a foreclosure rate in the double digits -- and both are in Florida. The serious delinquency rate and foreclosure rate was worse in the Sunshine State than any of its counterparts.

The nation's collective residential loan portfolio had a 90-day delinquency rate of 7.2 percent in January.

Delinquency includes properties in foreclosure as well as repossessed homes.

Late payments a month earlier were a revised 7.2 percent, according to CoreLogic -- which originally reported December's serious delinquency rate at 7.3 percent (a CoreLogic spokesman ignored Mortgage Daily's request for clarification).

But past-due mortgages fell from a year earlier, when delinquency of at least 90 days was 7.8 percent.

Florida had a serious delinquency rate of 17.4 percent in January -- higher than any other state but the same as December. Nevada's 13.3 percent was next, then 10.7 percent in New Jersey, 9.2 percent in Illinois -- where the Chicago region's 10.7 percent was higher than any other area -- and 8.0 percent in New York

At just 1.7 percent, 90-day delinquency was lowest in North Dakota.

CoreLogic said 69,000 U.S. foreclosures were completed in January, more than the 65,000 completed during December but fewer than in January 2011, when there were 80,000 repossessions.

More real-estate-owned filings have been made in California during the 12 months ended Jan. 31 than in any other state: 155,107.

Florida followed with 85,764, then 65,015 in Arizona -- where Phoenix's 50,545 completed foreclosures topped all other cities. After that were 64,902 REOs in Michigan and 56,801 in Texas.

At just 33 REO filings, South Dakota had the fewest completed foreclosures during the past year.

The national foreclosure inventory finished January at 1.4 million properties, the same as the prior month. But the inventory fell from 1.5 million properties in January of last year.

The foreclosure inventory represented 3.3 percent of all financed homes as of Jan. 31, easing from 3.4 percent as of the end of last year. The rate was 3.6 percent during the same month in 2011.

"The inventory of REO assets held by servicers nationwide grew faster in January than the pace of REO sales, as measured by the distressed clearing ratio," the report stated. "The distressed clearing ratio is calculated by dividing the number of REO sales by the number of completed foreclosures; the higher the ratio, the faster the pace of REO sales relative to the pace of completed foreclosures. The distressed clearing ratio for January 2012 was 0.69, down from 0.80 in December 2011."

Florida's 11.8 percent foreclosure rate was higher than any state.

Another report released today from RealtyTrac indicated that 26,337 Florida properties were hit with a foreclosure filing in February, worsening from 24,783 in January. Florida's deterioration contrasted a national improvement, with U.S. filings falling to 206,900 from 210,941.

After Florida in CoreLogic's report was New Jersey's 6.4 percent, then Illinois' 5.3 percent, Nevada's 5.0 percent and New York's 4.7 percent. Wyoming, with an 0.7 percent foreclosure rate, fared best.

Among select large core-based statistical areas, only Florida's Tampa region, where the foreclosure rate was 12.1 percent, and Orlando area, which had 12.0 percent rate, were in the double digits.

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