The Real Deal Miami

Year-end woes put 20 percent of Florida mortgages in trouble

March 06, 2009 10:04AM

Florida has the highest delinquency rate in the country, with one in five borrowers at least 30 days behind on their mortgage, following a fourth-quarter jump in late payments. The Mortgage Bankers Association survey, which tracks 45.4 million mortgages nationwide and 3.6 million in Florida, said 320,315 borrowers — almost 9 percent of homeowners — were in foreclosure. Nationally, 12 percent of mortgages are delinquent, the group reported. Falling property values remain the largest contributing factor to rising defaults.