Make us your home page
Instagram

Florida sees some relief on foreclosure front

Tampa Bay dodged the foreclosure bullet last month, but don't pop any balloons.

Initial foreclosure notices fell by more than 25 percent in the bay area in February compared to January. Lenders delivered new notices to 2,617 homeowners, according to a RealtyTrac report released today.

Statewide, the filing activity dropped 13 percent last month. But compared to February 2010, the numbers plummeted more than 65 percent in Florida and nearly 61 percent in the bay area.

The research firm attributed the drop once again to the foreclosure moratorium that several lenders imposed on themselves temporarily in the fall, amid allegations that thousands of documents were signed improperly.

Nationally, foreclosure activity dropped almost 14 percent last month, but fell 27 percent from February 2010 — biggest year-over-year decrease since RealtyTrac began issuing the report in 2005.

Although foreclosure activity dropped to a 36-month low in February, James J. Saccacio, head of RealtyTrac, said the crisis is far from over.

"We expect to see the numbers bounce back, but that will likely take several months," he said. "And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings."

The numbers don't surprise University of Central Florida economist Sean Snaith. The backlog of cases sitting at courthouses will take months to clear, he said.

One number in the report provided good news for the Sunshine State. No Florida cities ranked in the top 20 for metro foreclosure rates for the second consecutive month.

Despite the declining foreclosures, two local Realtors said thousands of homes cannot enter foreclosure until banks clear an excess of foreclosed homes.

Leslie Griffin, managing broker at Prudential Tropical Realty in Tampa, said banks are taking 100 days longer than last year to move homes through the foreclosure process.

"There is so much inventory clogging the system," she said. '"It's not getting any better."

Melody Stang, owner of Melody Stang Realty in St. Petersburg, expects foreclosures to drop this year as banks concentrate on short sales to alleviate high numbers of distressed properties.

"2011 is the year of the short sale," she said.

Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459. Follow him at Twitter at twitter.com/markapuente.

Location February filings Percentage change from January Percentage change from Feb. 2010

Nation 225,101 -13.86 -27.04

Florida 18,760 -13.43 -65.28

Tampa Bay 2,617 -25.16 -60.83

Hillsborough 884 -47.10 -76.61

Pasco 488 -22.54 -48.63

Pinellas 1,003 12.82 -31.02

Hernando 242 -21.17 -51.31

Foreclosures down all around

LocationFebruary filings% change from Jan.% change from Feb.

2010
Nation225,101-13.86-27.04
Florida18,760-13.43-65.28
Tampa Bay2,617-25.16-60.83
Hillsborough884-47.10-76.61
Pasco488-22.54-48.63
Pinellas1,003+12.82-31.02
Hernando242-21.17-51.31
LocationFebruary filings% change from Jan.% change from Feb.

2010
Nation225,101-13.86-27.04
Florida18,760-13.43-65.28
Tampa Bay2,617-25.16-60.83
Hillsborough884-47.10-76.61
Pasco488-22.54-48.63
Pinellas1,003+12.82-31.02
Hernando242-21.17-51.31

Florida sees some relief on foreclosure front 03/10/11 [Last modified: Thursday, March 10, 2011 6:25pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Airbag maker Takata bankruptcy filing expected in Japan, U.S.

    Corporate

    DETROIT — Japanese airbag maker Takata Corp. has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of faulty air bag inflators.

  2. Federal agencies demand records from SeaWorld theme park

    Tourism

    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  3. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  4. Line of moms welcome Once Upon A Child to Carrollwood

    Business

    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  5. Pastries N Chaat brings North India cuisine to North Tampa

    Business

    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.