Mortgage delinquency and foreclosure rates in Florida are slightly worse than the national average

In the first quarter of 2022, Florida ranked roughly in the middle of the pack, the three major categories of the nation’s homeowner economy, according to a report published by Jacksonville-based Black. Mortgage delinquencies, total illiquid mortgages, and foreclosure rates. Knight Data & Analytics, Inc., a mortgage and loan data broker.

Nationally, the delinquency rate fell to a low of 2.75% in May, while Florida remained slightly higher at 2.9%. Overdue is defined as loans that are 30, 60, or 90 days past due, but does not include foreclosed loans. Year-over-year, illiquid mortgage rates in Florida fell 43.9%, an improvement from last year when families struggled to make ends meet during the pandemic, enough to rank him sixth in the nation. was seen.

Despite the negative impact of inflation on the national economy, there was no noticeable increase in homeowners struggling to pay. Borrowers who were once in arrears only increased slightly month-over-month (+0.2%), but serious delinquencies (more than 90 days in arrears but still unpaid) are serious delinquencies. Foreclosures) showed a significant improvement, down 7% from April, but the total number of these loans is still 45% above pre-pandemic levels.

Foreclosures in Florida are 0.4% of all loans, matching the national average of 0.3%.

The Black Knight report also says that despite interest rate volatility, homeowners across the country are now making $1.2 trillion in profits in “tappable equities” since the start of 2022.

“This is the largest quarterly growth ever recorded,” said Black Knight’s president. Ben Graboske“In total, American mortgage holders have more than $11 trillion in available equity, another historic total.”

One of the main drivers of the recent surge in home prices and falling affordability is the record low number of homes for sale. According to Black Knight’s report, despite an increase of 27,500 new listings in the real estate market from March to April, “the total number of active listings remains 67% below pre-pandemic levels and That’s 820,000 fewer listings than a typical listing in most home-buying seasons.” Black Knight data shows that the number of homes on the market is well below what would be considered “normal” levels. suggests that there are

Read the full Black Knight report here.

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