We’re getting better at paying the mortgage on time

When it comes time to pay the mortgage each month, a higher percentage of homeowners in the Bradenton-Sarasota region are able to fulfill their obligation compared to the rest of the state.

And the country, for that matter.

Coupled with housing prices continuing their climb toward pre-recession levels and the falling unemployment rate, the percent of delinquent mortgages in Manatee and Sarasota counties remains on the decline, according to the latest Loan Performance Insights report from data provider CoreLogic.

In February, 3.9 percent of area mortgages were at least 30 days delinquent, CoreLogic reported Tuesday in its report. That’s down from 4.0 percent in January and 4.8 percent a year earlier.

Moreover, the area’s past-due percentage was well below Florida’s rate of 5.9, which saw decreases from 6.2 percent in the first month of the year and 7.1 percent in February 2016.

Fifteen states had higher delinquency rates in February than Florida, with Mississippi (9.0), Louisiana (8.6) and New Jersey (8.0) having the worst percentages.

Meanwhile, the serious delinquency rate, representing loans that are 90 or more days late, was 2.1 percent in February in Manatee and Sarasota counties, down from 2.3 percent in January and 3.0 at the same point last year.

Statewide, that rate was 3.0 percent, declining from 4.2 percent a year earlier and 3.4 percent in January.

The foreclosure rate in the two-county region also remains on the decline – it was 1.0 percent in February, down from 1.6 percent a year earlier. Across Florida, it was 1.3 percent, a drop from 2.0 percent in February 2016.

“Serious delinquency and foreclosure rates continue to drift lower and are at their lowest levels since the fourth quarter of 2007,” said Frank Nothaft, the chief economist at CoreLogic.

Across the nation, 5.0 percent of homeowners in February were at least one month behind on their mortgage, a year-over-year decline from 5.5 percent and a drop from 5.3 percent to start 2017. At 5.0 percent, that is the lowest since September 2007.

The nationwide foreclosure rate in February was 0.8 percent, down from 1.1 percent a year earlier.

“The continued improvement in mortgage performance bodes well for the health of the market in 2017,” said Frank Martell, the president and CEO of CoreLogic.

This story was originally published May 9, 2017 at 12:22 PM with the headline "We’re getting better at paying the mortgage on time."