twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Servicing News | Servicer Ranking | Delinquency Statistics
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.

next story

back to current headlines




Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders