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Bay area foreclosures jump 35 percent in June

Foreclosures in the Tampa Bay area jumped 35 percent from May to June, with Pinellas and Hillsborough counties showing the sharpest increases, according to the firm RealtyTrac. The region reported 6,432 foreclosure filings in June, up from 4,773 in May. Nearly a third of June's filings were bank repossessions or notices of pending property sales. Locally, one of every 201 households got a foreclosure filing in June; the national rate is one of every 501. Hernando County showed a month-to-month drop in foreclosure filings, while Pasco County's rise was a relatively modest 14 percent. The slack was picked up by Pinellas and Hillsborough, where properties in the foreclosure pipeline jumped by 55 percent and 42 percent, respectively. Economists had predicted a surge in June foreclosures based on when adjustable-rate mortgage were due to reset.

Bay area foreclosures jump 35 percent in June 07/09/08 [Last modified: Thursday, July 10, 2008 2:04pm]
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