Number of foreclosures continues to rise in Tampa Bay area
Home foreclosures in Hillsborough County rose 75 percent, while Pinellas County jumped 79 percent in October as the housing market still looks for a turn in troubling times.
In Hillsborough, that jump represented one in every 157 homes in some type of foreclosure for the month, according to new figures from RealtyTrac, matching the state average. However, the number of foreclosures dropped from September by 31 percent in the county, the largest month-over-month in the Tampa Bay area and a reversal of the 13 percent month-over-month gain statewide.
The Tampa Bay area has stayed out of the nation’s top 10 metro regions facing foreclosure, although Orlando has moved into the 10th spot in October as rates jumped 136 percent since last year in Orange County and 28 percent since September.
Florida moved ahead of California in nationwide foreclosure rates and is behind Nevada and Arizona. Nevada had six times the foreclosure rate of the national average.
However, California’s drop was partially due to law changes in the state that make it more difficult for banks to foreclose on properties.
“We’ve seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states, most notably in California where overall foreclosure activity was down by double-digit percentage points for the second straight month in October,” said James J. Saccacio, chief executive of RealtyTrac, in a release. “Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.”
Also, while legislation might help current foreclosure numbers, Saccacio warns that such laws may only delay inevitable foreclosures and could spread out the problem for an even longer term. “And in the meantime, the apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states,” Saccacio said.
Pasco County had the largest year-over-year increase in foreclosures in the Tampa Bay area with a 186 percent jump in October and 40 percent more than the previous month. One in every 129 homes is in some type of foreclosure in that county, putting Pasco among the top 10 counties in the state.
Polk County was up 49 percent compared to October 2007 but was down 28 percent from September, while Manatee County rose 32 percent year-over-year but dropped 2 percent from the month before.
Sarasota and Hernando counties are seeing some stabilization in foreclosure numbers. In Sarasota, foreclosure activity was up 15 percent year-over year but down 20 percent since September, while Hernando actually dropped 5 percent from the previous year but rose 1 percent from September.
RealtyTrac, based in Irvine, Calif., publishes a national database of pre-foreclosure, foreclosure, resale and other lists with more than 1 million properties across the country.
The Orlando Foreclosures Expo. www.foreclosuresexpo.com
In Hillsborough, that jump represented one in every 157 homes in some type of foreclosure for the month, according to new figures from RealtyTrac, matching the state average. However, the number of foreclosures dropped from September by 31 percent in the county, the largest month-over-month in the Tampa Bay area and a reversal of the 13 percent month-over-month gain statewide.
The Tampa Bay area has stayed out of the nation’s top 10 metro regions facing foreclosure, although Orlando has moved into the 10th spot in October as rates jumped 136 percent since last year in Orange County and 28 percent since September.
Florida moved ahead of California in nationwide foreclosure rates and is behind Nevada and Arizona. Nevada had six times the foreclosure rate of the national average.
However, California’s drop was partially due to law changes in the state that make it more difficult for banks to foreclose on properties.
“We’ve seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states, most notably in California where overall foreclosure activity was down by double-digit percentage points for the second straight month in October,” said James J. Saccacio, chief executive of RealtyTrac, in a release. “Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.”
Also, while legislation might help current foreclosure numbers, Saccacio warns that such laws may only delay inevitable foreclosures and could spread out the problem for an even longer term. “And in the meantime, the apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states,” Saccacio said.
Pasco County had the largest year-over-year increase in foreclosures in the Tampa Bay area with a 186 percent jump in October and 40 percent more than the previous month. One in every 129 homes is in some type of foreclosure in that county, putting Pasco among the top 10 counties in the state.
Polk County was up 49 percent compared to October 2007 but was down 28 percent from September, while Manatee County rose 32 percent year-over-year but dropped 2 percent from the month before.
Sarasota and Hernando counties are seeing some stabilization in foreclosure numbers. In Sarasota, foreclosure activity was up 15 percent year-over year but down 20 percent since September, while Hernando actually dropped 5 percent from the previous year but rose 1 percent from September.
RealtyTrac, based in Irvine, Calif., publishes a national database of pre-foreclosure, foreclosure, resale and other lists with more than 1 million properties across the country.
The Orlando Foreclosures Expo. www.foreclosuresexpo.com
posted by Totally Florida Staff at
1:16 PM
<< Home