Fort Myers Leads the Gulf Coast in Falling Delinquencies


If you’re interested in investing in Fort Myers foreclosures, the following information will provide you with data compiled about the foreclosure market in the area regarding delinquency rate as well as foreclosure rates happening in the Gulf Coast region. This may help you gauge your next plan of action as to where and when you invest.

Cape Coral-Fort Myers leads the pack in falling foreclosure rates compared to other markets within the Gulf Coast region. According to the Santa Ana, Ca. based real estate research firm CoreLogic, data from February 2012 shows that year after year Cape Coral-Fort Myers remains in first place. This is typical given this region was among the first to suffer from the effects of the real estate market collapse. Fort Myers foreclosures although falling, still remain far from the national foreclosure rate average of 3.41% and the national delinquency rate being 7.24%.

The Cape Coral-Fort Myers market saw the largest drop in foreclosure rate among outstanding mortgage loans in February, with a 2.54% decrease from February 2011 to a rate of 10.01%. Its delinquency rate (which is the percentage of mortgage loans reported delinquent for more than 90 days) also decreased from 15.91% in February, compared with 19.10% the same time in 2011.

Foreclosure rates increased slightly in the Tampa-St. Petersburg-Clearwater market, while they decreased in the North Port-Bradenton-Sarasota and Cape Coral-Fort Myers markets.

In the Tampa-St. Petersburg-Clearwater market, the foreclosure rate increased to 12.20% in February, up .41% from the same month a year ago. However, its delinquency rate decreased slightly, from 17.21% in February 2011 to 17.03%.

The North Port-Bradenton-Sarasota market improved slightly in February compared with the same month a year ago. Its foreclosure rate fell .57%, to 11.50%, and its delinquency rate fell .54% to 16.21%.

For investors looking to capitalize on Fort Myers foreclosures, although the rates of delinquency as well as foreclosures are declining in this area, there is still plenty of opportunity to invest in foreclosure properties in the sunshine state.
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