The Real Deal Miami

Mortgage defaults drop sharply in PB County

Area still exceeds national, statewide averages, report shows
February 24, 2014 01:30PM

underwaterMortgage defaults are sharply dropping in Palm Beach County.

The latest study from CoreLogic shows that 10.8 percent of mortgages in the county were at least three months behind on payments in December, the Palm Beach Post reported. That is a substantial decline from 15 percent in December 2012 and 20 percent in January 2011.

Palm Beach County’s mortgage default rate is still much higher than the national average, however. Only five percent of the nation’s mortgages were at least three months late on payments in December. The statewide rate was about 11 percent. [Palm Beach Post]Eric Kalis