Orlando Area Foreclosure Rate More Than Double Last Year’s Rate
This article was taken from the Orlando Business Journal
Foreclosure rates in the Orlando-Kissimmee area reached 6.6 percent in February — more than double the 3.1 percent rate during the same period a year ago, according to a monthly First American CoreLogic report.
The rate of delinquencies extending beyond 90 days also doubled, from 6.3 percent in February 2008 to 12.1 percent in February.
Statewide, the February foreclosure rate was 6.2 percent, compared with 3.2 percent in February 2008. Additionally, mortgage loans in Florida that are 90 days or more delinquent reached the 10.9 percent mark statewide, which compared with 6.2 percent in February 2008.
The rates set in Orlando and statewide surpassed the national foreclosure rate of 1.7 percent for February, up slightly from the 1.3 percent mark in February 2008.
Foreclosure data for First American CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which removes paid-in-full mortgages from the equation.
