Local Mortgage Payments Are Looking Good

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.