TAMPA, Fla. — The Federal Reserve's recent decision to cut interest rates will make borrowing cheaper for homeowners, but new data reveals the Tampa Bay area ranks fifth nationally among major metropolitan areas for foreclosure filings.
According to a November foreclosure market report from ATTOM, a real estate analytics company, more than 35,000 properties nationwide had foreclosure filings, representing a 21% increase from the previous year. In Florida alone, more than 2,800 properties began the foreclosure process in November.
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Tampa's ranking among metropolitan areas with populations exceeding one million has caught the attention of local real estate professionals, though they say the situation requires closer examination.
"Without having a crystal ball, I still feel like our market needs some correction to get back to where it should be," said David Sigler, broker at Vintage Real Estate Services.
Affordability Challenges Drive Foreclosure Concerns
Local experts point to affordability issues as a primary factor behind the foreclosure data. The housing market has cooled significantly from the robust activity seen when many people relocated to Florida in recent years.
"Just being able to afford the homes that they live in, whether they're on a fixed income. But I do know our insurance rates and our HOA fees have gone up as well as everything else in the area, so the affordability across the broad spectrum is really having an impact on that," Sigler said.
Understanding the Foreclosure Data
ATTOM clarified that their foreclosure data incorporates documents filed across all three phases of foreclosure: default notices, auction notices, and real estate owned properties that banks have repurchased after foreclosure.
The company said the Tampa metropolitan statistical area, which includes Hernando, Hillsborough, Pasco and Pinellas counties, recorded 632 total foreclosure filings in November. Hillsborough County accounted for 321 of those filings, followed by Pinellas County with 157, Pasco County with 118, and Hernando County with 36.
The data represents properties with at least one foreclosure filing during November, though ATTOM notes that October 2025 data included a temporary spike in Hillsborough County due to backlogged records, which normalized in November.
Data Requires Context, Realtors Say
Nick Davis, a realtor with RE-MAX Premier Group, emphasizes the importance of examining foreclosure filing data more closely.
Davis notes that filing paperwork doesn't necessarily mean a property will face foreclosure.
"We always encourage people to look at both sides of the data, because there's a left and there's a right," Davis said.
He points to positive indicators in the data, including 778 releases of lis pendens in November, with 260 involving banks. A release means the foreclosure filing was resolved.
"People are working it out. They're, like I said, they're either doing a refinance, a restructure of their loan modification, something of that sort to, bring their mortgage or whatever current," Davis said.
Currently, only 37 foreclosed properties exist among more than 5,000 homes on the market, according to Davis.
Market Uncertainty Creates Opportunities
While realtors acknowledge uncertainty in the housing market, they note that current conditions favor buyers with increased negotiating power.
The combination of Federal Reserve rate cuts and market corrections may provide opportunities for both buyers and homeowners seeking to refinance existing mortgages.
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