Foreclosure rates in Pensacola-Ferry Pass-Brent increased for the month of May over the same period last year, according to newly released data from CoreLogic.
The CoreLogic data reveals that the rate of Pensacola-Ferry Pass-Brent area foreclosures among outstanding mortgage loans was 6.57 percent for the month of May 2012, an increase of 0.31 percentage points compared to May of 2011 when the rate was 6.26 percent. Foreclosure activity in Pensacola-Ferry Pass-Brent was higher than the national foreclosure rate which was 3.41 percent for May 2012.
Also in Pensacola-Ferry Pass-Brent, the mortgage delinquency rate increased. According to CoreLogic data for May 2012, 9.68 percent of mortgage loans were 90 days or more delinquent compared to 9.14 percent for the same period last year, representing an increase of 0.54 percentage points.
Meanwhile, Metro Market Trends reports that existing single family home sales jumped 9 percent for the Jan-June period of this year compared to 2011 and the Total Dollar Volume also increased. The number of new single family home sales and average price are up. The average sales price of a new Single Family home in the first 6 months of 2012 is $182,000 as compared to $172,000 for last year. Lot sales have also increased. The average sale price for a residential lot is currently $30,000 in Escambia County.