Mortgage defaults are dropping sharply in Palm Beach County, according to recent reports released by the Palm Beach Post.
The latest study from CoreLogic shows that 10.8 percent of mortgages were at least three months behind on payments in December in the county, a significant decline from 15 percent in December 2012. In January 2011, as many as 20 percent of mortgages were headed towards default in Palm Beach.
The county's mortgage default rate is still higher than the national average of 5 percent. The state of Florida is at a rate of about 11 percent.