Tampa-St. Petersburg foreclosures double in year
Some unflattering analysis from First American Core Logic:Tampa Bay's foreclosures rate and 90-day mortgage delinquency rate nearly doubled the past year.
In March of this year, 11.9 percent of Tampa area mortgages were more than 3 months behind. A year earlier the rate was 6 percent.
About 6.7 percent of mortgages in our area went the foreclosure route, or at least got an initial foreclosure filing. Last year's rate was 3.2 percent.
The 12-month running tally of foreclosure filings from March to March was 66,683, First American Core Logic reported.
If there's any consolation, defaults and foreclosures are higher in the rest of Florida. The delinquency rate was 14 percent in March. The foreclosure rate was 7.7 percent. The U.S. rate is 6.2 percent and 2.1 percent respectively.
As this map shows, the pain is more or less evenly spread around the region.
Conclusion? I wouldn't predict a price recovery any time soon.
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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
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