Map of the Day: Florida’s Ongoing Mortgage Problem

High rates of foreclosure plague the state’s metros, but there are some reasons for hope

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Foreclosure-Response.org

A new analysis of seriously delinquent mortgages and foreclosures paints a bruised picture of America. Foreclosure-Response.org maps out the latest quarterly mortgage delinquency data for metropolitan areas from June 2011, and shows continued struggles with mortgage payments and foreclosures around the country.

The analysis includes a ranking of the top 25 metro areas with high rates of serious delinquency, those either currently in foreclosure or more than 90 past due. Of the top 25, 19 metropolitan areas in America. have more than 15 percent of all mortgages in serious delinquency.

Fifteen of them are in Florida. And in a listing of the 25 metro areas with the highest rates of foreclosure, 17 are in Florida.

The Miami-Fort Lauderdale-Pompano metropolitan area has fared the worst. It has the nation’s highest foreclosure rate of 18.5 percent, a slight but significant increase from 17.8 percent in June 2010. But while foreclosures in Miami-Fort Lauderdale-Pompano are going up, the rate of mortgages either foreclosed or more than 90 days overdue has actually gone down, from 25.6 percent in June 2010 to 23.5 percent in June 2011.

Why one number is going up and the other down isn’t immediately clear. Perhaps the sunniest conclusion would be to presume that some Florida mortgage holders were more able in June 2011 than June 2010 to pay off their delinquent mortgage bills, indicating at least some economic rebound in the state most troubled by the foreclosure crisis.

And things are undoubtedly improving. In Miami-Dade County, 14,646 foreclosures had been filed between January and November of this year, compared with 34,400 in 2010 and 64,001 in 2009. These are still troubling numbers, but the decrease may be another indication that more mortgage holders are now increasingly able to pay off those past due bills and avoid foreclosure.

About the Author

  • Nate Berg is a freelance reporter and a former staff writer for CityLab. He lives in Los Angeles.