In recent years, many individuals in Miami-Dade County and Florida as a whole have faced mortgage struggles. Recently, an article on the Miami Herald’s website reported on some mortgage-related statistics regarding Florida.
Reportedly, in September, 14.2 percent of mortgage loans in Florida were in foreclosure and another 8.7 percent of Florida mortgage loans were in delinquency. Thus, in September, around 23 percent of all mortgage loans in Florida were past due.
Meanwhile, the mortgage past due rate for the nation as a whole in September was only 12.3 percent. Thus, the past due rate that Florida saw in September was significantly larger than the past due rate the nation as a whole saw.
Thus, it appears that Florida has been experiencing a comparatively high mortgage past due rate. In fact, according to the above-mentioned Miami Herald article, Florida’s mortgage past due rate in September was not only higher than the national rate, but rather was also higher than the past due rate of any other state.
These statistics appear to indicate that mortgage struggles and foreclosures continue to be a major issue in Florida. These statistics also give rise to some questions. How long will Florida remain the state with the highest mortgage past due rate? Will Florida’s past due rate go up or down in future months? What effects have the comparatively high mortgage past due rate in Florida and its causes had on consumers in Florida? One wonders what the answers to these questions will turn out to be.
Source: The Miami Herald, “South Florida leads nation in past-due mortgages, report shows,” Toluse Olorunnipa, Nov. 2, 2011