Tampa Bay Area Foreclosures Skyrocket

Tampa Florida Foreclosures Hit High

According to one foreclosure listing source, Tampa Bay foreclosures increased by 27 percent in the second quarter form the same quarter in 2007. Those figures make up 1 in every 87 households facing foreclosure in Tampa Bay.  The area also ranked 17th in the top 100 metro areas for highest foreclosure rates.

Florida foreclosure rates experienced a similar increase with a 25 percent rise in foreclosures from the same period studied.  Florida foreclosure properties amounted to nearly 110,000 for the second quarter, a rate of one in every 78 households.  Florida is only behind California in terms of highest foreclosure rates.  This may be expected as Florida and California experienced the brunt of inflated housing values and unscrupulous lending practices as a result.

Hillsborough County had the highest rates in the Tampa Bay area with roughly 6,000 foreclosure filings in the second quarter of this year. Pinellas County foreclosures toped at 4,000 with Pasco County foreclosure just trailing at 2,500 filings.

While these foreclosure numbers may be quite daunting, the filings only represent a type of foreclosure action as in the notice, while actual foreclosures would be significantly lower.  According to Foreclosure Listings Florida, Hillsborough County currently has 1,900 active foreclosures.  As for Pinellas county foreclosure, the site currently lists 1,300 active foreclosures, considering the filings could span throughout a portion of the second quarter.

On a positive note, according to ForeclosureResearch.com, foreclosures nationwide decreased 3 percent from May to June, indicating that the worst may to over.


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