Make us your home page

Foreclosures and mortgage debt remain high in the Tampa Bay area

Though Tampa Bay home values are slowly rising, mortgage debt and foreclosures continue to drag down the housing market, according to new reports from data firms Zillow and RealtyTrac.

More than 223,000 Tampa Bay homes were "underwater," or valued at less than what's owed on the mortgage, by a total of $14.4 billion in the second quarter of this year, according to Zillow.

The rate of Tampa Bay homeowners more than 90 days late on mortgage payments remained nearly double the national average.

But over the past year, so-called "negative equity" has dipped, Zillow said, as rising home prices helped close the gap between home values and loan debt.

That has not slowed the tide of foreclosure starts, auctions and repossessions, which rose by about 15 percent last month over October 2011, according to RealtyTrac.

Slowed by legal delays and the robo-signing scandal, banks continue to plow through a backlog of foreclosures and distressed homes.

About 1,200 homes were repossessed across Tampa Bay last month, more than twice as many as in October 2011, according to RealtyTrac.

Though Florida claimed the country's highest foreclosure rate for the second month in a row, foreclosure activity across the state dipped 13 percent since last October, a sign of national progress and the state's lasting slog.

Foreclosures and mortgage debt remain high in the Tampa Bay area 11/15/12 [Last modified: Thursday, November 15, 2012 12:01am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Florida turns over voter-roll data to Trump election commission

    State Roundup

    Florida provided voter-roll data to President Donald Trump's election fraud commission Friday despite a lawsuit by the ACLU of Florida attempting to prevent the state from providing the information.

    Kansas Secretary of State Kris Kobach, left, and Vice President Mike Pence, right, lead the Presidential Advisory Commission on Election Integrity, which is seeking voter data from every state.
  2. Wells Fargo charged 800,000 for unnecessary auto insurance, internal report says


    Wells Fargo incorrectly charged 800,000 of its auto loan customers for unnecessary auto insurance, according to an internal report obtained by The New York Times. According to the report, about 274,000 of those customers were forced into delinquency on their loans, which resulted in 25,000 repossessions. …

    An internal Wells Fargo report obtained by The New York Times said the bank charged more than 800,000 people for auto insurance they did not need.  | [Los Angeles Times]
  3. Trigaux: Do we all need PhDs to fight scams, frauds and rip-offs?


    There are days when it feels like our school priorities are all wrong. Literature? Math? Computers? Nah. What everyone really needs to survive in the 21st century is a PhD in fighting the rise of increasingly creative consumer scams, frauds and rip-offs.

    As solar panels become cheaper and more popular, consumer agencies are starting to see a rise in consumer complaints about misleading and deceptive solar offerings. Solar scams are noted in a national report on major consumer complaints issued this week by the Consumer Federation of America and the North American Consumer Protection Investigators. [William Levesque, Times]
  4. Starbucks to close all Teavana locations, including five in Tampa Bay


    Local Teavana locations include Tyrone Square in St. Petersburg, International Plaza and Westfield Citrus Park in Tampa, Brandon and Clearwater.

    Starbucks announced Thursday plans to shut down all 379 Teavana stores, citing "underperformance." Starbucks acquired the mall-based tea chain for $620 million in 2012. [ CANDICE CHOI | AP file photo]
  5. Trigaux: Closing Iron Yard coding school hits area tech hard but leaders talk of options


    The coming shutdown this fall of the Iron Yard software coding school in downtown St. Petersburg — announced this month as part of a national closing of all 15 Iron Yard locations — remains a shocking event to a Tampa Bay technology community that dreams big of becoming a major player in the Southeast if not …

    In better days last fall, friends and family of graduates at The Iron Yard, based in the Station House in downtown St. Petersburg, applaud during "Demo Day" when grads of the coding school show off their skills. Despite the local success and strong job placement by the coding school, The Iron Yard is closing all of its 15 locations across the country this summer. [LARA CERRI   |   Times]