Yes, we’re getting better at making our mortgage payment on time

With historically low unemployment rates and housing prices continuing their climb toward pre-recession levels, homeowners in the Bradenton-Sarasota region are fulfilling their mortgage obligation each month at a better rate compared to the rest of the state.

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 area were in foreclosure in July, the fifth consecutive month that figure came in at less than 1 percent.

That was below the statewide rate of 1.2 percent and a healthy drop from the region’s rate in July 2016, also 1.2 percent.

The nationwide foreclosure rate was 0.7 percent in July, a year-over-year decline from 0.9 percent and well off the peak of 3.6 percent in December 2010.

“The U.S. foreclosure rate remains at a 10-year low as of July,” CoreLogic chief economist Frank Nothaft said in the report.

Meanwhile, the percentage of delinquent mortgages in the area also declined significantly in July.

In Manatee and Sarasota counties, 3.5 percent of mortgages were at least 30 days late, down from 4.6 percent a year earlier. The serious delinquency rate – loans that are 90 days or more late – was 1.7 percent in the two-county area, compared with 2.7 percent at the same time last year.

The 30-day delinquent rate in July in Florida was 5.3 percent, falling from 6.8 percent a year earlier, while the serious delinquency rate dropped to 2.6 percent after standing at 3.8 percent in July 2016.

Across the nation, 4.6 percent of homeowners in July were at least one month behind on their mortgage, a year-over-year decline from 5.5 percent.

CoreLogic president and CEO Frank Martell said that markets affected by a decline in oil production or anemic job creation have seen in increase in defaults, but overall “delinquency rates are lower in most markets compared with a year ago.”

This story was originally published October 10, 2017 at 12:10 PM with the headline "Yes, we’re getting better at making our mortgage payment on time."