The Foreclosure Rate Increases by 50% in Tampa, Florida

By Elias DaSilva | September 13, 2024.

Foreclosure trends are rising in the Tampa Bay area, according to a recent report from First American CoreLogic, which highlights an annual increase in families losing their homes. Despite this, the Tampa Bay region is performing better than the state of Florida overall.

The foreclosure rate in the Tampa-St. Petersburg-Clearwater area was 8.58 percent, according to CoreLogic. This marks an increase of nearly 4 percent from the previous year, when 4.65 percent of homes were in foreclosure. Statewide, Florida had a foreclosure rate just below 10 percent in August, reflecting an increase of 4.72 percent from the previous year, when the rate was 5.24 percent.

The 90-day delinquency rate in the region remains high, rising from 7.44 percent in August 2008 to just under 14 percent this past August. The state experienced a similar trend, with delinquencies increasing from 8.51 percent to 16.47 percent.

Both local and state figures are significantly higher than the national averages. Across the United States, the foreclosure rate in August was 2.86 percent, up from 1.65 percent the previous year, while the 90-day delinquency rate increased from 4.18 percent to 7.1 percent.

CoreLogic’s foreclosure rates reflect the percentage of loans in some stage of foreclosure, including 90-day delinquencies and properties sold at auction. These data do not indicate the number of new foreclosures filed but rather the current inventory of loans in the foreclosure process, providing a comprehensive view of foreclosure trends. First American CoreLogic, part of The First American Corp. group (NYSE: FAF), provides data on real estate and properties, along with advanced analysis on foreclosures, payment delinquencies, median home prices, new mortgage loan originations, price indices, appraisals, and sales activity, among others.