Tampa Bay's stock is rising. Unfortunately we're talking about stock of foreclosure homes
The volume of foreclosure cases in Tampa Bay and Florida continued to grow in September, measured both annually and monthly. According to First American CoreLogic, 8.82 percent of Tampa Bay mortgages are under a foreclosure cloud. That's up from 8.58 percent in August.
The default pipeline is also getting more jammed. First American said 14.34 percent of Tampa Bay mortgages were 90 or more days late in September, up from 13.98 percent in August.
As you can see in the chart below, the year-to-year increases are even more dramatic, though it's worse in the rest of Florida.
| Location | 90+ Day Delinquency Rate September 2009 | 90+ Day Delinquency Rate September 2008 | Foreclosure Rate September 2009 | Foreclosure Rate September 2008 | Change in Foreclosure Rate | REO Rate September 2009 | REO Rate September 2008 | Percentage Point Change in REO Rate | |
|---|---|---|---|---|---|---|---|---|---|
| Florida | 16.76% | 9.09% | 10.24% | 5.55% | 4.69% | 0.65% | 0.84% | -0.19% | |
| Tampa-St. Petersburg-Clearwater, FL | 14.34% | 7.91% | 8.82% | 4.93% | 3.89% | 0.40% | 0.58% | -0.18% | |
| US | 7.27% | 4.38% | 2.93% | 1.67% | 1.25% | 0.46% | 0.81% | -0.35% |
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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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