Tampa still ranked 7th in foreclosures nationwide (Jacksonville, Miami: for sale, real estate)

[The b8nk]

Was Tampa hit so hard that its still having trouble recovering from the housing crash? What could be other factors that make Tampa such a high foreclosure market?

Tampa Bay's foreclosure rate remains high despite a better January | Tampa Bay Times

[kyle19125]

Originally Posted by The b8nk

Was Tampa hit so hard that its still having trouble recovering from the housing crash? What could be other factors that make Tampa such a high foreclosure market?

Tampa Bay's foreclosure rate remains high despite a better January | Tampa Bay Times

Orlando is ranked even higher. I think a lot of it was people were living beyond their means in homes with zero or low down payment financing. When the recession hit they lost what little (if any) equity they had when home prices plummeted and wound up owing far more than it's worth. Compound that with job losses and you have a formula for disaster.

[housingcrashsurvivor]

It's not so much Tampa as Florida. South Florida got hit harder than here, as did these:

Foreclosures: Cases moving through courts - Sun Sentinel
The tri-county region (Palm Beach-Broward-Dade) posted the highest foreclosure rate among 209 metro areas, with one in 25 homes in some stage of repossession, according to RealtyTrac Inc. Florida led all states with a foreclosure rate of one in 33 homes.

REALTYTRAC: 1.4 Million U.S. Properties with Foreclosure Filings in 2013 -- Down 26% to Lowest Annual Total Since 2007 | Huntington News
Seven other Florida metro areas posted 2013 foreclosure rates among the 10 highest in the country: Jacksonville at No. 2 (3.32 percent of housing units with a foreclosure filing); Orlando at No. 3 (3.20 percent); Palm Bay-Melbourne-Titusville at No. 4 (3.16 percent); Port St. Lucie at No. 5 (3.06 percent); Tampa at No. 6 (3.06 percent); Ocala at No. 7 (2.96 percent); and Sarasota at No. 10 (2.42 percent).

Florida Real Estate Statistics and Foreclosure Trends Summary
Florida
1 in every 346

Top 5 Counties

Saint Lucie
1 in every 160

Osceola
1 in every 194

Flagler
1 in every 204

Broward
1 in every 211

Miami-Dade
1 in every 232

Hillsborough County, FL
1 in every 398


Top 5 Cities
Riverview
1 in every 253

Seffner
1 in every 294

Apollo Beach
1 in every 300

Ruskin
1 in every 313

Lithia
1 in every 342

Pinellas County, FL
1 in every 478


Top 5 Cities
Oldsmar
1 in every 359

Pinellas Park
1 in every 383

Palm Harbor
1 in every 407

Safety Harbor
1 in every 408

Seminole
1 in every 423

[EngGirl]

There are still tons of vacant foreclosed properties and even more people with upside down mortgages, so it's too soon to talk about market recovery at least in Tampa Bay area...

[BucFan]

need jobs to buy/keep homes - still struggling with unemployment in the area, aren't we?

[Spring Hillian]

Originally Posted by The b8nk

Was Tampa hit so hard that its still having trouble recovering from the housing crash? What could be other factors that make Tampa such a high foreclosure market?

[]

Allow me to quote Kyle

"Orlando is ranked even higher. I think a lot of it was people were living beyond their means in homes with zero or low down payment financing. When the recession hit they lost what little (if any) equity they had when home prices plummeted and wound up owing far more than it's worth. Compound that with job losses and you have a formula for disaster."

That is one reason. Also, when investors were buying up anything that was for sale, they did not need to put much if any money down. That had 0 equity. When prices dropped the investors just walked away
giving up the tiny amount, if any, of equity they had in the property.

Scrupulous people have kept up with their payments even though the property they bought is not worth what they paid for it or they are involved in selling the property in a short sale.

[housingcrashsurvivor]

Tight inventory? U.S. still has lots of vacant homes

WASHINGTON – Feb. 3, 2014 – In the fourth quarter of 2013, 2.1 percent of homeowner housing sat vacant, according to the Department of Commerce’s Census Bureau...

• Orlando: 4.1% vacancy rate in 4Q 2013 compared to 1.5% in 4Q 2012
• South Florida: 1.8% vacancy rate in 4Q 2013; 1.6% in 4Q 2012
• Tampa-St. Pete-Clearwater: 1.7% vacancy rate in 4Q 2013; 1.9% in 4Q 2012
• Jacksonville: 0.7% vacancy rate in 4Q 2013; 3.0% in 4Q 2012

So according to that, the Tampa Bay vacancy rate is lower than the national average.

Florida's unemployment rate falls to 6.2 percent but hurdles remain | Tampa Bay Times
Florida's unemployment rate falls to 6.2 percent...Tampa Bay did even better, with its jobless rate dipping below 6 percent, a threshold that normally indicates the return of economic vibrancy...Hillsborough and Pinellas counties continue to lead Tampa Bay, with jobless rates in each county falling from 6.1 percent to 5.7 percent.

[TampaKaren]

Many years ago when DH and I were buying investments, I had a subscription with RealtyTrac. I left soon after examining their business model. I think they're mostly interested in furthering their name recognition and selling subscriptions to increase their bottom line. They've been very successful. That's the way it works, good for them.

But RealtyTrac, like every other aggregator, e.g., Zillow, Trulia, Realtor.com, Case Shiller, et al., can only produce their reports using the massive amounts of data they receive. I believe much of that data is unreliable for its intended purpose. For example, Lis Pendens filings from Homeowner Associations for unpaid dues are included in the foreclosure (NOD) calculations. This isn't true foreclosure data in my mind. It's probably a small percentage of the whole, but darn it, I would rather pay for accurate data than free and inaccurate. In judicial states such as Florida, this is public information available for free from court records.

It's easy to take someone else's report and self analyze. But if the data used to produce the report isn't accurate, why bother. I suppose it's better than nothing. JMO.

[housingcrashsurvivor]

Originally Posted by TampaKaren

... For example, Lis Pendens filings from Homeowner Associations for unpaid dues are included in the foreclosure (NOD) calculations. This isn't true foreclosure data ....

Didn't know that about the foreclosures but I have noticed they do the same thing with supposed sales which are not sales but just some deed alterations such as putting a home in trust or in another family member's name. They list the sold for price as whatever nominal figure was written on the deeded information and then plug into their calculations that homes in the area are selling for $50/sq ft.

I noticed that by seeing a number of homes listed on zillow as recently sold that I'd never seen for sale. County records confirmed the houses still with the same families so the sales reported by Zillow were bogus.

[The Villages Guy]

I just wish they would throw the bums out and foreclose already. I have a family member down here who is going on year SIX without paying, even though she easily can. What the heck are they waiting for?

We are pretty happy sitting on double digit appreciation on our house and growing. Good homes selling in less than a week where we live.