Extending a recent trend when it comes to paying the mortgage each month, homeowners in the Bradenton-Sarasota, Fla., region are fulfilling their obligation at a better rate compared to the rest of the state.
With housing prices climbing toward pre-recession levels and a low unemployment rate, mortgage foreclosures and delinquency rates in Manatee and Sarasota counties continue to fall.
According to the latest Loan Performance Insights report from data provider CoreLogic, which was released Tuesday, 0.9 percent of homes in the two-county region were in foreclosure in April, the second consecutive month that figures came in below 1 percent.
That's below the statewide rate of 1.2 percent and a healthy drop from 1.4 percent a year earlier in the area.
"Most major indicators of mortgage performance improved in April, showing that the market continues to benefit from improved economic growth and home price increases," CoreLogic chief economist Frank Nothaft said in the report.
The nationwide foreclosure rate in April was 0.7 percent, down from 1.0 percent a year earlier.
As for delinquencies, 3.6 percent of area mortgages were at least 30 days behind, down from 4.5 percent in April 2016. Statewide, that rate was 5.5 percent, a significant decline from 6.7 percent a year earlier.
Meanwhile, the serious delinquency rate, representing loans that are 90 or more days late, was 1.9 percent in April in Manatee and Sarasota counties, down from 2.8 percent at the same point a year earlier. In Florida, the rate dropped from 4.0 percent in April 2016 to 2.8 percent this year.
"Delinquency rates are down virtually across the board as the rebound in the U.S. housing market continues to gather steam," CoreLogic president and CEO Frank Martell said. "It appears likely that delinquency rates will continue to fall for some time, but at a moderating pace."
Across the nation, 4.8 percent of homeowners in April were at least one month behind on their mortgage, a year-over-year decline from 5.3 percent.
