According to the latest from CoreLogic, the foreclosure rate in Central Florida remained below 3 percent for the third consecutive month in May. The Orlando-Kissimmee-Sanford metro area foreclosure rate on outstanding mortgage loans was 2.64 percent in May, which was down from 5.12 percent in May 2014. Mortgage delinquency (the percentage of mortgage loans currently 90 days or more delinquent) decreased to 6.18 percent, compared to 9.50 percent in the same period a year ago.
The foreclosure rate measures the percentage of loans in some stage of the foreclosure process and is considerd a metric of the overall health of the economy. A lower foreclosure rate means the market is improving and helps boost property values and points to less distress in the overall market. While the numbers have improved, Orlando’s foreclosure rate and mortgage delinquency rates for May continue to exceed the national averages of 1.29 percent and 3.58 percent, respectively.
