The results are in for the first quarter and it is not a pretty picture on the foreclosure front here in Florida or for that matter the Tampa Real Estate Market.
Two reports this week that are interesting depending on how you can decipher the content ? The first report is by Trans Union. They put together a trended analysis report that reviews 2007 fourth quarter data to compile their latest statistics and then forecast for 2008. They are reporting that Florida delinquent mortgages have increased by 34 %.
The top three areas showing the largest growth in delinquency from previous quarters are Florida at (34 percent), California (33 percent) and Arizona (32 percent).
â€œThe market continues to see the effect of the mortgage crisis in the steeply increasing mortgage delinquency rates among borrowers across the country,â€ said Keith Carson, a senior consultant in Trans Union’s financial services group.
The national 60-day mortgage borrower delinquency rate is expected to continue to rise throughout 2008 from a value of nearly 3.0 percent in the 4th quarter of 2007 to 4.0 percent or greater by year end.
On another note: Realty Trac released their quarterly report on the U.S. Foreclosure Market which states that â€œForeclosure activity has increased by 23 % in the first quarter of 2008.â€ They are reporting that Nevada, California, Arizona posted the top state foreclosure rates.
â€œForeclosure filings were reported on 87,893 Florida properties during the first quarter, the second highest state total and giving Florida the nationâ€™s fourth highest foreclosure rate â€” one in every 97 households received a foreclosure filing during the quarter. Foreclosure activity in the state was up 17 percent from the previous quarter and up 178 percent from the first quarter of 2007.â€
â€œThe highest ranked Florida metro area was Fort Lauderdale, which ranked No. 8 with one in every 73 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 included Orlando at No. 13, Miami at No. 14 and Sarasota-Bradenton-Venice at No. 15. The foreclosure rate in Tampa-St. Petersburg-Clearwater ranked No. 21.â€
So this actually shows that the Tampa and St. Petersburg Real Estate areas are faring a bit better on the over all State level.
While the numbers on a whole do not look too promising, this is still a positive note for the Tampa Bay Area Housing Markets, and once again affirms the prediction by our States Economist that Tampa Real Estate markets will recover first starting with Pasco County.
If you want to find out specific information on Foreclosure statistics in your area and or find out which homes are in foreclosure or are on the auction list, you can go to RealtyTracs home page, click on the interactive map. For example click on the US Map, in the Florida area, this will then pull up a State Map where you can enter in a specific county. For example Pasco County and then click on search.
You will then be presented with the break down of total number of homes in pre-foreclosure, auction, bank owned etc. You can gain some pretty good information for free however, to see specifics on taxes etc you have to have a paid membership. The site looks complex but is fairly easy to navigate. Check back tomorrow and I will post a quick video over-view to walk you through the process.