Foreclosure rates have dropped

Foreclosure rates have dropped in Pinellas and Sarasota counties, bucking a national trend of near record-high numbers of homes on the brink of being reclaimed by banks.

Sarasota witnessed a 17.7 percent drop in foreclosures between August 2008 and last month with 849 filings representing one in every 260 homes, according to a new report from RealtyTrac. Pinellas had a 5.7 percent drop year-over-year with it’s 1,944 filings representing one in 257 homes in some form of foreclosure.

The country as a whole was not as fortunate. Foreclosure rates we’re up nearly 18 percent nationwide with one in every 357 homes experiencing some level of foreclosure either from a default notice, scheduled auction or bank repossession.

The August report demonstrates that there is still an ample supply of properties filing the foreclosure pipeline even when the outflow of bank-owned REO properties onto the resale market is being more carefully regulated,. After hitting a high for the year in July, REOs dropped 13 percent in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.

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Polk County had the biggest jump in foreclosures, rising more than 40 percent to 1,892 filings, or one in every 147 houses. Hillsborough County foreclosures rose 23.5 percent with 2,341 filings representing one in every 220 homes while Hernando County was up 22 percent with 515 filings, representing one in every 156 homes.

Pasco County had a 9.8 percent rise in foreclosures with 1,010 filings, or one in every 216 homes. Manatee Countys rate was up just under 3 percent with 942 filings representing one in every 180 homes.

Florida had the second highest foreclosure rate in the nation behind only Nevada with one in every 140 homes receiving some sort of foreclosure filing, according to RealtyTrac. Florida was one of six states joining California, Michigan, Nevada, Arizona and Illinois that accounted for more than 60 percent of the nations total foreclosures.

Among metropolitan areas, the top foreclosure-ridden regions we’re dominated by California and topped with Las Vegas. Only two Florida metros we’re in the top 10 Orlando-Kissimmee at No. 8 with one in every 87 houses in some form of foreclosure and Cape Coral-Fort Myers at No. 9 where one in every 88 homes received a foreclosure filing.

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