South Florida mortgage trouble: Tops for fraud, delinquencies rising
CoreLogic issued two reports that paint a troubling picture of the residential mortgage market in South Florida.
The tri-county region is the most at-risk metro area in the nation for mortgage fraud. At the same time, local mortgage loan delinquencies are rising.
CoreLogic’s Mortgage Fraud Report analyzed information from loan applications and tracked six indicators of possible fraud. South Florida had a mortgage fraud risk index of 288 in the second quarter, up 11 percent from the same quarter a year ago. That means mortgages issued here had a 188 percent higher chance of fraud than the national baseline.