Tampa Bay had the fourth highest national foreclosure rate in February according to RealtyTrac. In Florida we were joined at the top by Miami, Orlando, and Ocala which ranked 1,2,and 3 for a clean sweep of the top spots for Florida. No medals here!
Drew Harwell, in todays Tampa Bay Times writes that over 5000 foreclosure actions (notices of defaults, foreclosure auctions or repossession notices) were sent out in February in the tri-county area of Hillsborough, Pinellas and Pasco and that this represented a 23 percent jump over February 2012. Much of this increased activity can be attributed to the "robo-signing scandals" and the inability of banks to provide original documentation for loans, pertinent information required by the courts to complete a foreclosure.
The complete article can be viewed here: Bay area foreclosures 4th in U.S.
So it appears that the waiting period for homeowners is over with banks and mortgage lenders now ready to begin the costly and painful act of foreclosure. Many homeowners have simply stopped paying their mortgage and have been living rent free for 1, 2, 3 or more years, but now the hammer may be ready to drop on many of them.
Others, have simply abandoned their homes and moved on, to what we may never know. Their homes left in various degrees of condition and disrepair and serving as a blight on the communities and neighborhoods where the homes sit unoccupied. HOA dues, property tax's and other liens mounting, more items for the courts to sift through to remedy each situation.
We may have reached a bottom in home prices (temporarily). But with the number of recent foreclosure actions filed; home prices, which only recently had begun to rebound may experience another dip as these foreclosed homes begin to appear as listings in the local Tampa Bay market.
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