Make us your home page
Instagram

Tampa Bay area foreclosure filings jump up in July

Tampa Bay is still pumping out new foreclosures at a rapid pace, another sign that the housing recovery remains a work in progress.

Hillsborough and Pasco counties last month saw nearly twice as many foreclosure filings as July 2011, according to a RealtyTrac report released today.

Pinellas foreclosure filings last month also climbed, nearly 80 percent year-over-year.

Though foreclosure filings have sunk across the country, Florida remains a hot spot for delinquent mortgages and lost homes.

The state's foreclosure rate last month was third highest behind California and Arizona, with 25,000 properties statewide seeing a filing, the report states.

The filings, which include notices of default, scheduled auctions and bank repossessions, each mark a step in the foreclosure process, lenders' last resort for homeowners unable to pay their mortgages.

But real-estate agents say the filings could hack away at banks' large backlog of distressed homes, opening up listings for wanting buyers and helping neighborhoods return to normal.

"It's just part of the process," said Steve Capen, a Keller Williams agent who specializes in short sales. "That 'shadow inventory' of pending foreclosures is out there, and it needs to be worked through the system."

Blocked by the robo-signing scandal or log jammed in court, banks have sat for years on swaths of properties tied to defaulted loans. That allowed some homeowners to skip months of mortgage payments while still avoiding eviction.

But agents said lenders are renewing their push to foreclose as buyers' demand heats up and strains the availability of listed homes.

In Pinellas and Hillsborough, the number of homes for sale dropped to about a three-month inventory, half the level of a healthy market, according to statistics from Pinellas and Greater Tampa Realtor groups.

"The banks are getting a little more aggressive as far as trying to push those foreclosures through a little bit quicker," said Tony Delgado, a real-estate agent with RE/MAX Bay to Bay. "As quickly as they come on the market, they're gone."

RealtyTrac is one of several agencies tracking foreclosures, and market watchers have questioned the group's calculations. But most agree that foreclosures remain a weight around the economy's neck.

"It's like there's a bucket, but there's no bottom on the bucket. No matter how many get concluded, there's more every month," St. Petersburg foreclosure defense attorney Matt Weidner said.

"We're in a vicious, endless cycle," he said. "More foreclosures are not the solution to the foreclosure crisis."

Contact Drew Harwell at (727) 893-8252 or dharwell@tampabay.com.

July foreclosure filings, according to RealtyTrac

Number of
filings in July
Percent change from June Percent change from July 2011
Nation 191,925 -2.99 -9.79
Florida 25,534 13.88 14.11
Tampa Bay 5,069 49.40 84.26
Number of
filings in July
Percent change from June Percent change from July 2011
Hillsborough 2,228 70.86 95.78
Pinellas 1,637 26.41 77.93
Pasco 858 55.15 97.24
Hernando 346 43.57 34.11


Tampa Bay area foreclosure filings jump up in July 08/09/12 [Last modified: Thursday, August 9, 2012 12:04pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Trigaux: Closing Iron Yard coding school hits area tech hard but leaders talk of options

    Business

    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]
  2. U.S. economy gathers steam in second quarter

    Business

    WASHINGTON — The U.S. economy revved up this spring after a weak start to the year, fueled by strong consumer spending. But the growth spurt still fell short of the optimistic goals President Donald Trump hopes to achieve through tax cuts and regulatory relief.

    A government report released Friday showed economic output picked up in the second quarter. 
[Associated Press file photo]
  3. Founder of Tampa home sharing platform questions Airbnb, NAACP partnership

    Business

    TAMPA — A Tampa rival to Airbnb, which was launched because of discrimination complaints on the dominant home sharing platform, has concerns about the new partnership between Airbnb and NAACP announced this week.

    Rohan Gilkes poses for a portrait at his home and business headquarters in Tampa. 

Innclusive, a Tampa-based start-up, is a home-sharing platform that focuses on providing a positive traveling experience for minorities. [CHARLIE KAIJO | Times]
  4. Appointments at Port Tampa Bay and Tampa General Medical Group highlight this week's Tampa Bay business Movers & Shakers

    Business

    Government

    Port Tampa Bay announced that Jamal Sowell has been named director of special projects. Sowell, a former member of the U.S.Marine Corps, will support internal, external and special projects, assist the executive team with management oversight and serve as a liaison on a variety of port …

    Port Tampa Bay announced this week that Jamal Sowell has been named director of special projects. [Handout photo]
  5. Drones restrictions coming at Tampa Bay area airports

    Airlines

    Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems, according to a press release.

    In this February 2017 file photo, a drone flies in Hanworth Park in west London. Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems,
[John Stillwell/PA via AP, File]