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Florida Home Foreclosure Rate Falls to 6.2%, Triple U.S. Average

March 31 (Bloomberg) -- The residential foreclosure rate in Florida, which has the highest percentage of delinquent mortgages in the U.S., declined to 6.2 percent in January, according to a report released today by CoreLogic Inc. That’s down from 10.1 percent from a year earlier.

Florida’s rate was triple the national average of 2 percent, according to the report by Irvine, California-based CoreLogic Inc., a mortgage data and software company. Florida led the nation with 116,000 foreclosures completed in the 12 months through January, the company said in a separate report last month.

The foreclosure data indicate a rebound in the state housing market, which has declined for five years through the fiscal year ended June 30, as measured by property-tax revenue.

Bonds from Florida issuers have gained 3.4 percent this year, trailing the 3.6 percent gain in the broad $3.7 trillion municipal market, according to S&P Dow Jones Indices.

To contact the reporter on this story: Toluse Olorunnipa in Tallahassee, Florida at tolorunnipa@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Justin Blum, Mark Tannenbaum

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