More Tampa bank owned homes for sale entered the housing market in the first six months this year, as the Home Affordable Modification Program failed to make permanent a number of mortgages in trial modification. The June report issued by the Treasury Department said that over 520,000 trial HAMP modifications throughout the country have been canceled since the launching of the initiative last year.
The number of distressed Tampa houses that entered bank owned home lists in June spiked by double-digit rates both from the previous month and from total listings one year earlier.
Based on a report released by a research firm, a total of 35,835 homes in the Tampa Bay area received default or foreclosure notices in the first half this year, a jump of almost 6 percent compared to the first half and second half of 2009.
Tampa filings also increased in June by six percent over the month to 6,688 filings, although the total was lower by 7 percent than the total in June last year. Foreclosures also varied from county to county in the area, although the area trend was rising. In the counties of Pasco and Hernando, foreclosure postings decreased by 17 percent over the month. In contrast, foreclosures stepped up in Pinellas and in Hillsborough, with filings in Pinellas spiking by a stunning 31 percent over the month.
Of the nearly 6,700 filings in the area, a total of 1,117 units became Tampa bank owned homes for sale in June, up by 26.1 percent from the 886 homes repossessed in May and up by a staggering 42.7 percent from 783 in June last year. The numbers showed that lenders were filing fewer initial notices but were completing more foreclosures.
The number of bank owned foreclosures in Florida also jumped up in June, posting an 18.2-percent jump from just below 11,000 units in May to nearly 13,000 real estate owned homes in June. This accounted for more than one-fourth of the 51,550 homes that became distressed or foreclosed during the month. Of this REO total, a substantial number were Tampa bank owned homes for sale.
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