Mortgage picture worsened

Florida's issues with foreclosure and delinquent mortgage loans got worse in 2010. The state's foreclosure rate, the percentage of outstanding mortgage loans more than 90 days delinquent, and the percentage of properties owned by banks all increased during the year, according to data from Corelogic.

Florida's statewide foreclosure rate went up from 10.47% to 12% between December 2009 and the same month in 2010, Corelogic says. The percentage of outstanding mortgage loans that are 90 or more days delinquent increased from 18.12% to 18.25%, and the state's REO rate increased from 0.82% to 1.33%.

Those same three metrics are trending negatively in two of the Gulf Coast's major metropolitan areas: rates in both Tampa-St. Petersburg-Clearwater and North Port-Bradenton-Sarasota have been steadily climbing since at least January 2009.

Tampa Bay's foreclosure rate was 11.20% in December, and 16.88% of the area's outstanding mortgage loans were 90 days delinquent. The North Port area saw an 11.56% foreclosure rate, and the delinquency rate was 16.38%.

Things are currently worse in Cape Coral-Fort Myers, but the market does appear to have found a bottom. Foreclosures and delinquencies peaked in January 2010, and have been falling since — but still stood at 19.28% and 12.26% respectively as of December.

Corelogic's 90-day delinquency rate includes properties in foreclosure, as well as those owned by banks.