Florida Foreclosures Increase 12.6%, Tampa ranked 10th in Nation

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Rates of foreclosure for Florida properties increased 12.6 percent this October in comparison to September, a small amount larger than the national increase of 12%. This is the biggest jump in foreclosure rates since August ’11. It was no surprise, this is the 5th October that holds an increase in foreclosure rates.

The 12% increase in October is over twice the average 5% monthly increase through the last 5 Octobers. The larger monthly increases throughout certain other states is definitely cause for concern.

The increase in foreclosure may be a showing of issues in current economy, and in some cases shows longer term delinquencies that are eventually resulting in foreclosures.

 

In Florida, 1/579 homes were in foreclosure this past October, which gives Florida the 3rd highest rate in the U.S. trailing MD and NJ. Florida’s foreclosure rate has shown in the top 5 throughout this year.  But it is also down 23% since last year. 

The Tampa metro counties have a decrease in foreclosures since last year, the highest drop being in Hernando County, with a 48% decrease in foreclosures this year.