Continuous tumbling of Real Estate is triggering Increases in Foreclosure
Continuous tumbling of real estate is triggering increases in foreclosure. Tampa foreclosures have spiked considerably. The 6% fall (year over year) can still be observed however despite this drop of foreclosure rates last February. The drop in residential houses last January was 8.5% (year over year).
Last February, across the counties in Tampa Bay sale prices of residential units fell to an average of $120,000. Compared to 2009 February the prices had fallen by 6%. It indicated an increase in the decrease rate from January as well as December 2009. Last January the average price tag was $125,600 – it being higher than the median price of February.
Reports show that during 2009 fourth quarter, in the metro Tampa-Saint Petersburg metro region more than half the residential houses were priced considerably lower than the loan amounts due on their mortgages. According to Greater Tampa, a research agency, 48.5% of all the mortgaged houses (332.968 units) were in distress. Of these 28,182 were poised for foreclosure action.
Right across Florida State 48% of the mortgage houses were in trouble – portraying the worst foreclosure battering of the state. As regards percentage those mortgages that were underwater were just behind the numbers of Nevada and Arizona. Florida ranked third. As regards underwater mortgages Florida came second following California.
In last February the number of foreclosures in Florida. This had been expected. The foreclosure numbers have been going up without respite. Since the last twelve months, foreclosure listings across the state increased by 16.5% from the month before. The increase was by 14.8%.
Out of 54,000 houses, 7000 units had been served with default notices and had already been posted on the foreclosure listing. Another lot of 15,815 houses were served with sale notices from foreclosures while another batch of 31,225 units were served with notices related to pending legal suits.
Last January Florida was ranked fourth following California as regards foreclosure activity. Last February Florida reached up to the third position coming just behind the top states of Nevada together with Arizona. This highlights the worsening of the situation as regards foreclosures in Florida. California slightly improved its ranking by going down to the fourth position.
In Florida a total of nearly 517,000 residential houses are in some stage of foreclosure. As regards rate all through 2009 Florida had retained its third position.
