Foreclosure activity continues to rise in Tampa Bay
There is little good news in a new foreclosure report from First American CoreLogic that shows more increases year-over-year in families losing homes. But the Tampa Bay region is doing better than Florida as a whole.
Foreclosure rates in August 2009 were 8.58 percent in the Tampa-St. Petersburg-Clearwater market, according to the CoreLogic report. That is nearly a 4 percent change from its rate a year ago where 4.65 percent of homes were in foreclosure.
Florida overall had a foreclosure rate of just under 10 percent in August, however, a 4.72 percent change from 2008 when it had just a 5.24 percent rate.
With foreclosures, the 90-day delinquency rate remains higher for the region, growing from 7.44 percent in August 2008 to just under 14 percent this past August. The state had a similar increase, expanding from 8.51 percent to 16.47 percent.
Both local and state numbers remain well ahead of national averages. The United States is reporting a 2.86 percent foreclosure rate in August, up from 1.65 percent the year before, while 90-day delinquencies are up from 4.18 percent to 7.1 percent.
CoreLogic’s foreclosure rates measure the percentage of loans in some stage of foreclosure, including delinquencies of 90 days or more through properties sold at auction. It does not represent the number of new foreclosure filings but rather the current inventory of loans in the foreclosure process, which it says offers a comprehensive view of foreclosure trends.
First American CoreLogic is a member of The First American Corp. (NYSE: FAF) company group and is a provider of real estate, property and ownership data as well as advanced analytics for information on foreclosures, delinquencies, median home prices, home prices indexes, home valuations, sales activity and mortgage loan originations.