Bay Area Foreclosure Rate Tops Other Major Metro Areas

While parts of the nation saw foreclosures drop in the first half of 2012, the Tampa Bay area wasn’t so lucky.

According to The Tampa Tribune, foreclosure activity in the Tampa Bay area is on the rise. RealtyTrac, a company that monitors real estate activity nationwide, is reporting that Tampa Bay has seen its foreclosures rise by a higher percentage than many other major metro areas, including New York and Chicago.

For example, New York’s filings, which include such things as default notices, auctions and bank repossessions, have increased by 26 percent, according to the Tribune. This is compared to Chicago’s 28 percent and Tampa’s 47 percent.

Nearly 21,000 Tampa Bay area properties had foreclosure filings during the first half. That amounts to about one in every 65 homes, the Tribune estimates.

Tampa was also recently named one of the nation’s Top 10 most empty cities.

Are there foreclosure properties in your neighborhood that are a concern? How is this trend affecting you? Let us know in the comments section.

See also: