Tampa Bay's mortgage foreclosure and delinquency rates continue to plunge as the area's robust economic growth pushes up home values. According to the real estate site CoreLogic, the percentage of bay area homes in some stage of foreclosure in April dropped to 0.8 percent compared to 1.2 percent a year earlier. Meanwhile, just 3.9 percent of borrowers were 30 or more days or more late on their payments, down from 6.3 percent in the same month a year ago.
Nationally, the foreclosure rate was 0.4 percent. The delinquency rate was 3.6 percent, the lowest in more than 20 years due to " a 50-year low in unemployment, rising home prices and responsible underwriting,'' said Frank Nothaft, CoreLogic's chief economist. "However, a number of metro areas that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, Calif. metro area this April was 21 percent higher than one year ago."
Contact Susan Taylor Martin at firstname.lastname@example.org or (727) 893-8642. Follow @susanskate.