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Monday, Sep 22, 2014
Business News

Area foreclosures fall compared to last year

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A new report shows declining housing foreclosures in the Tampa Bay area and Hillsborough County in April compared with last year, while neighboring counties didn’t fare as well.

Foreclosures were down 0.6 in the Tampa Bay region and dropped 29 percent in Hillsborough County. However, they rose 53 percent in Pasco County over April 2013, 24 percent in Pinellas County and 14 percent in Hernando County, according to the RealtyTrac report.

According to a report released Thursday by RealtyTrac, U.S. foreclosure filings, including default notices, scheduled auctions and bank repossessions, show a 20 percent drop from a year ago. One in every 1,137 U.S. housing units had a foreclosure filing in April.

In April, bank repossessions nationally were up 4 percent from March, but down 14 percent from a year ago. In all, there were 30,056 bank repossessions nationwide in April.

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” RealtyTrac Vice President Daren Blomquist said in a prepared statement.

“Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months,” Blomquist said. “Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REO’s (bank reposessions).”

“Foreclosure activity continues to decrease, becoming an insignificant part of the overall housing market,” said Sheldon Detrick, chief executive officer for Prudential Detrick/Alliance Realty in the Oklahoma City and Tulsa markets.

yhammett@tampatrib.com

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