INDIAN RIVER COUNTY — The foreclosure rate for homes in the Sebastian-Vero Beach area for February was 9.89 percent, over triple the national average of 3.17 percent, according to data released by First American CoreLogic.The nearly 1 in 10 foreclosure rate in the county is slightly better than the statewide average, which was calculated at 11.28 percent by the industry watchdog. CoreLogic defines the foreclosure rate as the percentage of loans in some stage of foreclosure including 90-day plus delinquencies and properties sold at auction.
The 9.89 rate also represents an increase of 3.02 percentage points compared to February of 2009 when the rate was 6.87 percent.The company said mortgage delinquencies are on the rise in the area. According to First American CoreLogic data for February 2010, 16.64 percent of mortgage loans were 90 days or more delinquent compared to 10.87 percent for the same period last year, representing an increase of 5.77 percentage points.
