Tampa Metro Foreclosures Down 14 Percent

ForeclosureAccording to RealtyTrac’s Monthly Foreclosure Report, Florida remains well above the national average and has actually increased from August of last year. One in every 400 houses experienced some form of foreclosure in August.

The Tampa Bay metro area is just behind Miami in terms of foreclosure filings, with one in every 407 houses experiencing foreclosure. However, that number is actually down 14.4 percent from August 2013.

The report found Pasco County to be worse off than any other county in Florida. At least one in every 300 houses is experiencing some form of foreclosure, showing an increase up 15.63 from August 2013. Hernando is in similar shape, with one in every 332 homes showing foreclosure. This figure, surprisingly, is actually good, representing a decrease of 17.26 percent from August of last year.

Hillsborough County showed a slight increase of 1.68 percent from last year, with one in every 423 homes experiencing foreclosure paperwork this August.

Pinellas showed the biggest improvements with only one in every 486 homes experiencing foreclosure, a decrease of 37.82 from August of last year.

Nationwide, over 55,000 homes experienced foreclosure starts in August, an increase of 12 percent from July and dead even from August 2013. So far, August is the second consecutive month where foreclosure starts have increased month-over-month.

Traditionally, Florida has shown a staggered recovery, mainly due to the state’s judicial foreclosure process. However, economists were predicting a slow but consistent decrease in foreclosures this year. RealtyTrac’s report may sound worrying, but analysts say that occasional increases may occur and should not be a cause for alarm.