The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers continue to improve. Both short-term delinquency rates (30 days late) and serious delinquencies (90 days + late) are lower than they were last year at this time. From a mortgage perspective, Hurricane Irma had significantly more impact than this year’s red tide.
The most recent data shows that there are roughly 35% less people 30 days late on their mortgages than there were last year at the same time. The total is only 3.2% (versus 3.1% last month).
Longer-term mortgage delinquencies are down roughly 12% when compared to last year at this time. We define long-term delinquencies as people who are 90 days or more, late on their mortgage payments.
Foreclosures are flat this year when compared to last year (0.6% of mortgages). 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.