Foreclosure rates dropped sharply in Southwest Florida last year, but they still remain among the highest in the nation.
The rate of foreclosures for outstanding mortgages in the Sarasota-Manatee region closed 2014 at 3.08 percent, nearly half of the 6.08 percent recorded at the end of 2013.
The foreclosure rate in Charlotte County dropped to 3.47 percent in December, from 6.49 percent one year earlier, according to a report released Thursday by provider CoreLogic.
Despite the declines, Charlotte posted the 25th-highest foreclosure rate in the U.S., while Sarasota-Manatee came in at 36th among more than 400 metro areas measured.
Florida’s foreclosure rate was 3.72 percent at year end, down from 6.89 percent in 2013. The state has dominated national foreclosure rolls for much of the past five years.
Meanwhile, the U.S. rate improved to 1.47 percent, from 2.16 percent over the year.
Foreclosure rates throughout the region have fallen for several years, as the real estate market has recovered, values have increased and more homeowners have been able to hold on to their properties.
The foreclosure rate in Sarasota-Manatee peaked at 12.23 percent in June 2011, according to CoreLogic. Charlotte hit a high of 11.93 percent in February 2010.
The region’s mortgage delinquency rate, which measures mortgage loans that are at least 90 days past due and that could be headed to foreclosure, also continued to shrink.
In Sarasota-Manatee, 6.07 percent of all mortgage loans were at least 90 days late in December, down from 9.69 percent one year earlier. In Charlotte, the delinquency rate fell to 6.92 percent, from 10.67 percent.
Statewide, 7.92 percent of mortgages were at least 90 days delinquent at the end of the year, off from 11.40 percent 12 months before.
The U.S. rate was just 4.06 percent, a decline from 5.12 percent for the year.
