Florida continues to lead the nation in mortgage delinquencies, with one in every seven borrowers either in foreclosure or behind on their payments at the end of June, the Mortgage Bankers Association said Friday.
Nearly 13.7 percent of outstanding home loans in Florida were at least 30 days past due in the second quarter, the association said in its quarterly National Delinquency Survey. That includes the 6 percent of Florida home loans that were already in the foreclosure process - the highest in the nation.
And it's no longer subprime borrowers with poor credit who are driving the process. For the first time since the mortgage crisis started, delinquencies on subprime adjustable-rate loans declined nationwide.
Instead, a growing number of more-creditworthy borrowers are falling behind - mostly on risky, adjustable-rate prime loans.
A local mortgage banker said that's a reflection of falling local home prices, which have left some borrowers owing more than what their property is worth. "I think we're seeing just as many people choosing not to pay as those who can't pay," said Pete Minarich of Benchmark Mortgage Co. in Bradenton. "I think we'll be looking at this (situation) for at least another year or two."
The Associated Press contributed to this story.
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