February foreclosure rate up in Lee County

Foreclosure rates in Lee County increased in February over the same period last year, according to First American CoreLogic, the leading collector of national, state and local data on home prices, foreclosure and delinquency activity, real estate sales volume and mortgage loan activity.

According to recent data from First American CoreLogic on foreclosures for the Cape Coral-Fort Myers area, the rate of foreclosures among outstanding mortgage loans is 11.5 percent for the month of February, an increase of 4.2 percentage points compared to February of 2008 when the rate was 7.3 percent. Foreclosure activity in Cape Coral-Fort Myers is higher than the national foreclosure rate which was 1.7 percent for February 2009, representing a 9.8 percentage point difference.

Also in Cape Coral-Fort Myers, the mortgage delinquency rate has increased. According to First American CoreLogic preview data for February 2009, 18 percent of mortgage loans were 90 days or more delinquent compared to 12.1 percent for the same period last year, representing an increase of 5.9 percentage points.

Foreclosure data for First American Core- Logic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing paid-in-full mortgages from the equation.

For detailed information on foreclosures by zip code and property, visit www.realquest. com.