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TAMPA — Tampa Bay and other Florida regions are still caught in the grip of the foreclosure crisis, new data from RealtyTrac show. Florida ranks highest among all the states in foreclosures, and Florida cities account for seven of the nation's top 10 metro foreclosure rates.
Tampa Bay ranks fourth in the country for foreclosures, with one in every 253 homes affected, the data show. Mortgage defaults, repossessions and foreclosures rose 23% in February across Tampa Bay, compared with February 2012.
However, a map search shows that some desirable zip code locations, including parts of South Tampa, had far fewer foreclosures, with the rate dropping to one in 713. The rate for Venice was one in 530 units. Sarasota County's foreclosure rate was one in every 439 housing units, while Lee County's was one in 420.
In all, 31,726 Florida properties had a foreclosure filing in February, up 6% from January and up 20% from February 2012. That represents a 16-month high, RealtyTrac says. Miami ranked highest among the nation's metro areas with a population of 200,000 or more, with one in every 219 homes caught in foreclosure filings in February.
Orlando and Ocala also had higher foreclosure rates than Tampa, and Palm Bay ranked fifth. Naples was ninth highest, with one in 318 housing units reporting filings. Foreclosure activity increased from a year ago in all seven Florida cities with top 10 metro foreclosure rates.
February was the sixth month in a row in which Florida topped the nation in foreclosures, with one in every 282 Florida housing units in foreclosure during the month.
Hot spots reported
Across the country, foreclosures abated in many cities, but worrisome hot spots erupted in a few areas. “At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” says Daren Blomquist, vice president at RealtyTrac, in a release. “But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system.”
U.S. banks showed an encouraging benchmark. Bank repossessions decreased 11% from January, and were down 29% year-over-year in February. The repossessions were at the lowest level since September 2007, representing a 65-month low.
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