Foreclosures in Hillsborough County have been on the decline, and the number is now the lowest it’s been in a decade.
September 30 marked the end of the 2015-2016 fiscal year, a period in which Hillsborough County saw less than 3,000 new filings. In 2008-2009, the number of foreclosures filed for in Hillsborough was around 15,000. In 2006-2007, before the housing market had crashed, the number of foreclosures was still more than double this year’s.
The low number of foreclosures in the county is a good sign for Tampa city officials, lenders, and residents.
“This is tangible evidence of the real estate recovery we have been seeing,” said Pat Frank, Hillsborough’s clerk of court. “It’s really great news for Tampa’s economy, which is still closely tied to the housing market. Let’s hope the trend continues.”
Though there are not yet exact figures for surrounding counties, the figures are expected to dip well below “boom-time” levels.
In Hillsborough County, the number of filed foreclosures began increasing significantly in 2008, when the global financial crisis was in full force. The following year, the county filed a record high—15,164—foreclosure actions.
Previously any home foreclosed on was auctioned on the courthouse steps in Tampa. Since October2012, however, the county has used an online foreclosure system, run by Real Auction, to auction off these homes.
The future is bright for Hillsborough County, as fewer and fewer homeowners are delinquent on their mortgages. This August just 4.8 percent of borrowers in the county were more than 90 days late on their mortgage payments. For more information regarding Hillsborough’s lowest foreclosure numbers, [Click Here].