The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers are better now than at any point since Hurricane Irma. Both short-term delinquency rates (30 days late) and foreclosures are down when compared to the same period last year. However, serious delinquencies (90 days + late) continue to be somewhat higher than they were last year.
The most recent data shows that there are 6% less people 30 days late on their mortgages than there were last year at the same time. The total is only 3.3% (versus 3.7% last month).
Longer-term mortgage delinquencies are up, but by a lower percentage than they have been in the recent past. We define long-term delinquencies as people who are 90 days or more, late on their mortgage payments. The latest data shows that long-term delinquencies are up 12% when compared to last year at this time. The total is relatively low at 1.9% (versus 2.2% last month).
Foreclosures are down 22% when comparing this year to last. When you put it all together, the mortgage statistics indicate a healthy real estate market. The video below shows the relevant statistics for our area.