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Tampa Bay’s foreclosure rate remains high despite a better January

    Home Florida Law Tampa Bay’s foreclosure rate remains high despite a better January
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    Tampa Bay’s foreclosure rate remains high despite a better January

    By joncoats | Florida Law, Foreclosure Law, Mortgages, Real Estate Law, Uncategorized | Comments are Closed | 13 February, 2014 | 2

    Drew Harwell | Tampa Bay Times |

    “Tampa Bay saw 20 percent fewer foreclosure filings last month than in January 2013, a sign that lingering distress from the housing crash continues to slowly fade from view, RealtyTrac data released today show.

    2014-01-13-Coats

    But the good news ends there. Tampa Bay posted the seventh-highest foreclosure rate in the country last month, with twice as many filings — notices of default, auction or repossession — as Phoenix, Dallas or Detroit.

    One in 389 housing units here last month received a foreclosure filing, data show, and about 1,200 bay area housing units were pulled into the first step of foreclosure. An additional 1,000 homes were sold in foreclosure auctions or taken back by the bank.

    Tampa Bay courts faced a backlog of more than 41,000 pending foreclosures by the end of 2013, down from 50,000 at the end of last summer, state court data show. But clearing the rest won’t be quick: Judges are ruling on or dismissing about 2,000 cases a month.

    Florida saw 13 percent fewer foreclosure filings last month than in January 2013, the sixth straight month of decreases since the state enacted its “faster foreclosures” law in July.

    Yet even with climbing prices here allowing underwater home­owners to resurface, Florida has yet to cede its foreclosure throne. The Sunshine State once again posted the nation’s highest foreclosure rate, with one in every 346 housing units in distress.”

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