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Venture

Robert Trigaux

In Florida's foreclosure frenzy, Tampa Bay's happy to lag frontrunners

28

October

Foreclosuresrealtytracq32009
Wake up and good morning.
Las Vegas posted the nation’s highest metro foreclosure rate in the third quarter, new RealtyTrac data show, but plenty of Florida metro areas were not far behind. The red portions of the map above show the parts of the country with the highest concentrations of foreclosure activity, specifically 10 to 99 housing units per foreclosure filing.

In Florida, the Cape Coral-Fort Myers and Port St. Lucie metro areas ranked in the top 10 in concentration of foreclosure filings. Interestingly, Orlando-Kissimmee ranked 11th nationally, notable because of the metro area's size. Tampa Bay, in contrast, ranked 34th. Tallahassee ranked 85th, lowest in Florida of the 203 metro areas listed by RealtyTrac. Said James J. Saccacio, RealtyTrac CEO:

“Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave. While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.”

Note how Jacksonville's foreclosure rate has ballooned 64 percent in the past year while Tampa Bay's has dropped nearly 5 percent.

Below are the top 10 metro areas in the country based on that criteria, plus a list of where Florida metro areas rank nationally for the third quarter of 2009.

Here's how the ranking is listed.

Metro: % foreclosed, foreclosed rate per x homes, 1 yr change


United States: 0.73%, 136,  22.50%

1. Las Vegas-Paradise, Nev.: 5.13%,  20,  53.62%

2.  Merced, Calif.: 3.72%,  27, -11.12%
 
3. Cape Coral-Fort Myers, Fla.: 3.67%,  27, -2.19%

4. Stockton, Calif.: 3.53%, 28, -3.05%

5. Modesto, Calif.: 3.39%, 30, -0.12%

6. Riverside-San Bernardino-Ontario, Calif.: 3.37%, 30, 11.83%

7. Bakersfield, Calif.: 2.88%, 35, 14.25%
 
8. Vallejo-Fairfield, Calif.: 2.85%, 35, -3.37%
 
9. Reno-Sparks, Nev.: 2.67%, 37, 80.44%
 
10. Port St. Lucie, Fla.: 2.63%, 38, 40.05%

... and out of 203 national rankings, here are other Florida metro areas:

11. Orlando-Kissimmee, Fla.: 2.57%, 39, 41.92%

14. Miami-Fort Lauderdale-Pompano Beach, Fla.: 2.23%, 45, 34.67%

18. Lakeland, Fla.: 1.77%, 57, 41.49%

24. Naples-Marco Island, Fla.: 1.56%, 64, -4.49%

25. Deltona-Daytona Beach-Ormond Beach, Fla.: 1.50%, 67, 27.70%

26. Jacksonville, Fla.: 1.48%, 68, 63.50%

27. Ocala, Fla.: 1.47%, 68, 31.06%

30. Sarasota-Bradenton-Venice, Fla.: 1.42%, 71, -6.59%
 
31. Palm Bay-Melbourne-Titusville, Fla.: 1.40%, 71, 10.32%

34. Tampa-St. Petersburg-Clearwater, Fla.: 1.29%, 77, -4.99%

51. Pensacola-Ferry Pass-Brent, Fla.: 0.83%, 120, 23.27%
 
75. Gainesville, Fla.: 0.57%, 176, 64.74%

85. Tallahassee, Fla.: 0.52%, 191, 47.52%

-- Robert Trigaux, Times Business Columnist

[Last modified: Tuesday, June 1, 2010 12:26pm]

    

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