Sarasota real estate sours

SARASOTA — Foreclosures have increased in Sarasota over the past year, and a larger percentage of outstanding mortgage loans in the area are more than 90 days past due, according to the latest data from CoreLogic.

CoreLogic estimates that 12.11% of all outstanding mortgage loans in the North Port-Bradenton-Sarasota area were in some state of foreclosure at the end of May 2011, up 1.56% over the year. That's slightly lower than the statewide rate, but four times the national foreclosure rate, CoreLogic says.

Additionally, roughly 16.41% of all outstanding mortgage loans were at least 90 days late on payments, including those loans in foreclosure. That rate is essentially unchanged from last year.

The Sarasota market's foreclosure rate has increased every month since January 2009, when the rate was 6.16%.