Make us your home page
Instagram

Bay area foreclosure filings drop, but overall activity increases

Fewer Tampa Bay homes fell into foreclosure last month, but overall foreclosure activity grew even as the nation got a reprieve from embattled lenders.

Bay area homeowners receiving initial foreclosure notices dropped by 15.6 percent in October from the prior month. Lenders delivered notices to 3,725 homeowners, according to a RealtyTrac report released Thursday.

But overall activity, including auctions and bank repossessions, grew in Tampa Bay, especially in Hillsborough and Pasco counties. Local attorneys point to an infusion of cash to the court system over the summer that's speeding up cases.

Meanwhile, Florida still has the second-highest foreclosure rate in the nation, behind only Nevada. One in every 155 Florida homes received a foreclosure filing during October, 2.5 times the national average. Statewide, filings increased year-over-year for the second month following five consecutive monthly drops.

Nationally, foreclosure activity — bank repossessions, scheduled auctions and notices for defaults — dipped 4 percent last month, RealtyTrac reported. But the number of U.S. homes seized by lenders dropped 9 percent from September to October as several major lenders temporarily ceased most or all foreclosures amid allegations that thousands of documents were signed improperly. The decline was the biggest of the year, one RealtyTrac attributed to fallout from the robo-signing mess.

"The numbers probably would have been higher," said James J. Saccacio, head of the research firm.

Lenders such as Bank of America, Ally Financial's GMAC Mortgage and JPMorgan Chase & Co. suspended some or all of their foreclosure activity after the foreclosure documents mess erupted in late September.

Still, lenders are on pace to repossess more than 1 million homes this year. Some that had recently suspended action against borrowers severely behind on their payments plan to resume it — just at a slower pace in order to avoid previous flaws.

Matthew Weidner, a St. Petersburg lawyer who focuses on foreclosures, said the local decrease in initial filings may be partly attributed to more lenders working with homeowners to keep them in their houses.

But he's not celebrating yet.

"It's still a mess," he said. "It's not good or bad."

Information from the Associated Press was used in this report. Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459.

Foreclosure filings

Overall foreclosure activity, from default notices and scheduled auctions to repossessions, dropped last month, but not in the bay area.

October

filings
% change

from Sept.
% change

from Oct. '09
Nation332,172-4.39%-0.04%
Florida56,858-4.46%+9.53%
Tampa Bay9,294+26.38%+49.52%
Hillsborough4,485+39.29%+47.10%
Pasco1,958+105.46%+111.68%
Pinellas2,460-12.17%+46.34%
Hernando391+2.89%-30.30%

Source: RealtyTrac

Bay area foreclosure filings drop, but overall activity increases 11/11/10 [Last modified: Thursday, November 11, 2010 9:17pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Senate leaders unveil bill to repeal the Affordable Care Act

    Health

    The New York Times

    WASHINGTON — Senate Republicans, who have promised a repeal of the Affordable Care Act for seven years, took a major step on Thursday toward that goal, unveiling a bill to cut Medicaid deeply and end the health law's mandate that most Americans have health insurance.

    U.S. Senate Republicans on Thursday unveiled a proposal to repeal and replace the Affordable Care Act. The bill's chief author, Senate Majority Leader Mitch McConnell, has said "Obamacare is collapsing around us, and the American people are desperately searching for relief." [AP]
  2. Southwest Airlines to offer flights from Tampa to San Diego

    Airlines

    TAMPA — Southwest Airlines will offer new nonstop service from Tampa International Airport to San Diego International Airport beginning Jan. 8, 2018.

    Southwest Airlines is planning to launch service from Tampa to San Diego.
[Times file photo]
  3. Tampa Bay homes values continue to rise along with sales prices

    Real Estate

    For the second month in a row, Tampa Bay had one of the highest year -over-year increases in home values in May, Zillow reported today.

    For the second month in a row, Tampa Bay had one of the highest year -over-year increases in home values in May, Zillow reported Thursday.
[Times file photo]
  4. Busy start has Florida Hospital Center Ice dreaming big

    Tourism

    WESLEY CHAPEL — Opening day brought 600 doctors, administrators and their families from Florida Hospital. Soon after that, the facility hosted its first junior league game and a collegiate showdown. A few weeks later, 200 kids, ages 4 to 9, participated in national Learn to Play Hockey Day.

    Alex Senushkin and his grandson, Styopa Kulshyn, 3, of Lakeland, skate at the Florida Hospital Center Ice rink in Wesley Chapel.
[CHARLIE KAIJO   |   Times]

  5. Qatar Airways seeks to buy a stake in American Airlines

    Airlines

    NEW YORK — State-owned Qatar Airways is attempting to buy a 10 percent stake in American Airlines, triggering U.S. antitrust oversight of deals that size.

    In this file photo, a new Qatar Airways Airbus A350 approaches the gate at the airport in Frankfurt, Germany. Qatar Airways is attempting to buy a 10 percent stake in American Airlines, triggering U.S. antitrust oversight over deals of such size. 
[AP file photo]