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Area 2008 Foreclosure Filings Up 123%

Hernando Today file photo by DAVE CASEY

Hillsborough, Pasco, Pinellas and Polk counties had 53,630 filings in 2008, according to data.

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By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: January 15, 2009

TAMPA - As the economy worsened in 2008, more Tampa area homeowners found themselves facing trouble. The number of foreclosure filings rose 123 percent compared with 2007.

Hillsborough, Pasco, Pinellas and Polk counties combined had 53,630 filings, according to California-based RealtyTrac. The area's foreclosure rate ranked 13th among all metro areas nationwide and eighth in the state.

Four percent of all properties in the area received a foreclosure filing - default notice, auction sale notice or bank repossession - in 2008.

The Sunshine State ranked second in the nation for its 2008 foreclosure rate. Foreclosure activity increased 133 percent from 2007 and nearly 412 percent from 2006.

There were 385,309 Florida properties with a foreclosure filing during the year. That means 5 percent of all homes in the state received a filing. That compares with 2 percent nationwide.

In addition to Tampa, seven other Florida metro areas cracked RealtyTrac's top 100 with the highest foreclosure rates.

Fort Lauderdale, Orlando and Miami were ranked sixth, seventh and eighth, respectively. Sarasota was 11th, Palm Beach was 16th and Jacksonville was 22nd.

"Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami," said James J. Saccacio, chief executive officer of RealtyTrac.

Nationwide, foreclosure filings jumped 17 percent in December from the previous month and 41 percent from December 2007.

Saccacio said the jump in foreclosure activity in December was surprising, given foreclosure moratoriums promised by some lenders during the holiday season.

In the four-county Tampa area, one in every 180 households received a filing in December, up 6 percent from November and up 72 percent from the same month last year.

Reporter Shannon Behnken can be reached at (813) 259-7804.

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