• jimshorkey

Mortgage Delinquencies Show Slight Improvement

In January, 7.4% of mortgages in metro Orlando were delinquent 30 days or more, which is double the 3.7% rate for the same month last year before the pandemic, according to April 13 report from financial data firm CoreLogic Inc. However, it is down from 7.7% in December and is an even bigger improvement from a 2020 peak of 9.9% last June.

The number of Central Florida homeowners behind on their mortgage payments is important because it shows potential foreclosures ahead. Only 0.4% of Orlando mortgages were in some stage of foreclosure, but that figure is low due to a federal moratorium on foreclosures of government-backed mortgages and forbearance programs. Despite fewer local homeowners being behind on their mortgage payments, tens of thousands of residents are at risk of foreclosure whenever proceedings ramp back up.

The federal government in February extended the foreclosure moratorium and forbearance programs for government-backed mortgages, which covers 70% of single-family home mortgages, until June 30.