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Tampa Bay-Lakeland
Business Observer Tuesday, May 29, 2012 7 years ago

Tampa Bay foreclosures climb

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Foreclosure rates decrease in the south, continue to climb in Tampa Bay area.

GULF COAST — March foreclosure and delinquency rates from Tampa to Fort Myers continue to be a good news-bad news scenario. These rates have been decreasing from Bradenton to Fort Myers, but continue to climb in the Tampa Bay market.

According to real estate research firm CoreLogic, the Cape Coral-Fort Myers area continues to show the lowest foreclosure rates and delinquency rates from Tampa to Fort Myers. The area's foreclosure rate was 9.99% in March, down 2.4% from the same month a year ago. Its delinquency rate was 15.64%, a decrease of 2.97% from March 2011. The delinquency rate shows the percentage of mortgage loans that are 90 days or more delinquent.

The foreclosure rate among outstanding mortgages in the North Port-Bradenton-Sarasota area was 11.48% in March, a decrease of .60% from the same month in 2011, CoreLogic reports. The delinquency rate also decreased in March compared with a year ago, to 16.08% from 16.56%.

The weakest market on the Gulf Coast in terms of foreclosure and delinquency rates continues to be the Tampa-St. Petersburg-Clearwater area. Foreclosures in this area increased to 12.31% for the month of March, up .45% from March 2011. The delinquency rate also increased slightly to 17.03%, up .06% from March 2011.

According to CoreLogic's historical data, foreclosures and delinquency rates have fallen in the Cape Coral-Fort Myers market since January 2010, while those rates have risen steadily in the Tampa-St. Petersburg-Clearwater market during that time. The North Port-Bradenton-Sarasota market has seen about a 1% increase in foreclosure rates since January 2010, but its delinquency rate has remained flat.

This article has been updated to reflect that CoreLogic data only extends south to Fort Myers.

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