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Tampa Bay-Lakeland
Business Observer Thursday, Jun. 14, 2012 10 years ago

Tampa foreclosure rate up 111%

Lender repossessions and foreclosures rise statewide, too.

TAMPA — Bank repossessions and foreclosures were up year-over-year in May in Florida, according to a new report.

Moreover, the Tampa-St. Petersburg-Clearwater metro area jumped up in the national rankings of regions with the most foreclosed homes, according to real estate data firm RealtyTrac. One out of every 304 homes in the region is in foreclosure, the fifth highest rate in the country, according to RealtyTrac.

The Tampa rate is up 111% from May 2011, and 3.5% from April. Only Chicago, Phoenix, Atlanta and Riverside-San Bernardino, Calif., have a higher rate.

In Florida, meanwhile, foreclosure starts, which RealtyTrac counts as default notices or scheduled foreclosed auctions, were up 83% year-over-year in May. Bank repossessions rose 32% over May 2011, the report shows. There were 26,412 foreclosure filings in May in Florida.

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