December’s rate is still high compared to national numbers, which show just 5 percent of mortgages 90 days or more late on payments, according to the housing analysts at CoreLogic.
Statewide, about 11 percent of mortgages have payments 90-days or more in default.
Palm Beach County foreclosure rates were also significantly down in December, dropping to 6.5 percent from 10.5 percent the previous year. The foreclosure rate in January 2011 was 13.4 percent.
The foreclosure rate measures the percentage of loans in some stage of the foreclosure process. Lenders and loan servicers decide when a late loan goes into foreclosure.
With the bulk of Palm Beach County’s foreclosure crisis behind it, many homes in the process have already been repossessed and resold. But rising prices countywide may account for some of the reduction in delinquencies.
“Even the ugly homes are selling,” said Realtor Jeff Lichtenstein. “I had seven homes go under contract in the past eight days, and have had seven multiple offer situations since Jan. 1.”
This entry was posted
on Monday, February 24th, 2014 at 8:44 am and is filed under Foreclosures, Housing affordability, Housing boom.
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