Make us your home page

Good news: Tampa Bay no longer a major foreclosure capital of the country

A few short years ago, Tampa Bay was a national hub for foreclosures. Not any more. [Getty Images/iStockphoto]

A few short years ago, Tampa Bay was a national hub for foreclosures. Not any more. [Getty Images/iStockphoto]

Once in the top five nationally for foreclosure filings, the Tampa Bay area no longer makes even the top 25.

As bay area home prices and values continue to rise, the number of homes in foreclosure plunged 42 percent in the first six months of this year compared to the same period in 2016, ATTOM Data Solutions reported today.

As of June 30, Pinellas had the fewest percentage of homes in some stage of foreclosure — one in every 276. That was followed by Hernando (one in 203), Hillsborough (one in 179) and Pasco (one in 178).

That showing was good enough to drop Tampa Bay to 28th in foreclosure filings among major metro areas whereas just a few years ago it frequently ranked second or third. And it comes as filings nationwide are down 20 percent from a year ago.

"With a few local market exceptions, foreclosures have become the unicorns of the housing market — hard to find but highly sought after,'' said Daren Blomquist, senior vice president of ATTOM, the parent company of RealtyTrac.

PREVIOUS COVERAGE: Remembering 2013, the year Tampa Bay's housing market came alive

Blomquist noted that 38 percent of all homes sold at U.S. foreclosure auctions now are bought by third-party bidders — typically investors — instead of going back to the bank. That's the highest percentage since data became available in 2000 and is a sign of a healthier economy.

Nationwide, one in every 311 homes was in some stage of foreclosure in the first half of this year with New Jersey, Delaware, Maryland, Illinois and Connecticut having the highest foreclosure rates. Florida, once ranked No. 1, dropped to seventh .

Florida is still among the top five states in the length of time it takes to foreclose.

Nationally, homes foreclosed in the second quarter of this year took an average of 883 days from the first public foreclosure notice, known as a lis pendens, to complete the foreclosure process.

For Florida homes foreclosed during the quarter, the process took 1,203 days. Other states with long lag times were New Jersey (1,347 days), Indiana (1,259 days), New York (1,255 days) and Illinois (1,059 days),

Virginia, by comparison, was unusually speedy — a borrower there who didn't contest foreclosure could be out of the house in just 176 days.

Contact Susan Taylor Martin at or (727) 893-8642. Follow @susanskate

Good news: Tampa Bay no longer a major foreclosure capital of the country 07/20/17 [Last modified: Friday, July 21, 2017 1:00am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Wanted: New businesses on Safety Harbor's Main Street

    Local Government

    SAFETY HARBOR — A green grocery store, a hardware store, restaurants, boutiques and multi-use buildings are all wanted downtown, according to discussion at a community redevelopment workshop held last week. And to bring them to the Main Street district, city commissioners, led by Mayor Joe Ayoub, gave City Manager …

    Whistle Stop Bar & Grill is one of the main stops on Main Street in Safety Harbor. [LUIS SANTANA | Times]
  2. Q&A: A business leader and historian jointly delve into Tampa's waterfront


    TAMPA — As a native of Tampa, Arthur Savage has always had a passion for his hometown's history. And as a third-generation owner and operator of A.R. Savage & Son, a Tampa-based shipping agency, his affinity for his hometown also extends to its local waterways.

    Arthur Savage (left) and Rodney Kite-Powell, co-authors of "Tampa Bay's Waterfront: Its History and Development," stand for a portrait with the bust of James McKay Sr. in downtown Tampa on Wednesday, Aug. 16, 2017. McKay, who passed away in 1876, was a prominent businessman, among other things, in the Tampa area. He was Arthur Savage's great great grandfather. [LOREN ELLIOTT   |   Times]
  3. Tampa's connected-vehicle program looking for volunteers


    TAMPA — Drivers on the Lee Roy Selmon Expressway can save on their monthly toll bill by volunteering to test new technology that will warn them about potential crashes and traffic jams.

    A rendering shows how new technology available through the Tampa-Hillsborough Expressway Authority will warn driver's about crashes, traffic jams, speed decreases and more. THEA is seeking 1,600 volunteers to install the devices, which will display alerts in their review mirrors, as part of an 18-month connected-vehicle pilot.
  4. What Florida's top Republicans are saying about Donald Trump

    State Roundup

    Republicans nationwide are blasting President Donald Trump for how he responded to Charlottesville.

    U.S. President Donald Trump makes a statement on the violence this past weekend in Charlottesville, Virginia at the White House on August 14, 2017 in Washington, DC. Heather Heyer, 32, was killed in Charlottesville when a car allegedly driven by James Alex Fields Jr. barreled into a crowd of counter-protesters following violence at the 'Unite the Right' rally. Two Virginia state police troopers were also killed when their helicopter crashed while covering events on the ground. [Getty Images]
  5. Tampa Bay Lightning, Amalie Arena to host job fair today


    TAMPA — The Tampa Bay Lightning and its home, Amalie Arena, are hosting a part-time job fair from 3 to 6 p.m. today on the Promenade Level of the arena. Available positions include platinum services, parking attendants, event security, housekeeping, retail and many other departments.

    The Tampa Bay Lightning and AMALIE Arena is hosting a part-time job fair on Thursday, Aug. 17 on the Promenade level of the arena.