Fla.: 17% are late on mortgage

Across Florida, 17.45% of all mortgage borrowers were 90 or more days late on payments at the end of August, according to CoreLogic, with 12.06% of those borrowers in some state of foreclosure.

The ratio of Gulf Coast borrowers 90 or more days late on payments is slightly lower, at roughly 16% for each of the major metro areas in Southwest Florida. However, foreclosure rates are widely disparate between the three cities.

In Cape Coral-Fort Myers, 16.67% of borrowers are three months late on payments, and 10.47% are in foreclosure. In Tampa-St. Petersburg-Clearwater, 16.7% are three months late, and 12% are in foreclosure; and in North Port-Bradenton-Sarasota, 16.22% are late on payments, while 11.63% are in foreclosure.

Put another way: 6.2% of mortgage borrowers in Cape Coral-Fort Myers are three months late on payments but have not yet entered the foreclosure process, compared to 5.7% in Tampa-St. Petersburg-Clearwater, and 4.59% in North Port-Bradenton-Sarasota.

Across the U.S., 7.18% of all mortgage borrowers are three months late on payments, and 3.75% are delinquent but not yet in foreclosure.