Sarasota-Bradenton foreclosure market drops under 7%

The foreclosure rate for properties in Sarasota and Manatee counties dropped nearly 4 percentage points year-over-year, but the pace of the market still exceeds the national figures, according to CoreLogic.

The real estate data firm reports the rate of foreclosures among outstanding loans in the North Port-Sarasota-Bradenton metro area was 6.89% in August. That's down 3.9 percentage points compared to August 2012, when the rate was 10.79%. It's also the first time the local foreclosure rate has dipped less than 7% since at least December 2010, CoreLogic reports. The national foreclosure rate in August was 2.36%, however, according to CoreLogic, so the local market still lags the rest of the country.

The mortgage delinquency rate in the North Port-Sarasota-Bradenton region also decreased in August, according to CoreLogic data. That figure, the percent of mortgage loans 90 days delinquent or more, was 10.57% in August. That's a drop of 4.49 percentage points from August 2012, when it was 15.06%.