Foreclosures on the rise in Pasco

Bay News 9 - July 19, 2006

Call it the bust after the boom.

Losing a home for failing to keep up with the mortgage is a growing trend, a trend Pasco County is trying to slow with its foreclosure prevention program.

The people running it said twice as many homeowners this year have applied for the interest-free loan the program offers than compared to last year. A common denominator is putting many folks in the red.

"Right now at least 50 percent of the people we're seeing are coming in saying I can't afford my homeowners insurance," said Joanne Whittlesey of Consumer Credit Counseling Service.

The foreclosure trend is also backed up by other agencies. Pasco's clerk of the circuit court said last year, 104 foreclosure cases were opened in May and 139 in June. This year 134 cases were opened in May and 175 in June.

Further supporting the troublesome trend is Realty Trac, a web site that tracks foreclosures. It reports that as of this week, there are more than 4,100 properties across Pasco in the foreclosure process. That's about the same number as Pinellas County, which has almost double the population.

While critics said those numbers could be skewed or even inflated, they do agree that the number of foreclosures will increase as the insurance crisis lags on in the Bay area.

Real estate attorneys said in addition to increased insurance rates, higher property values leading to higher property taxes and increasing interest rates all contribute to the increasing number of foreclosures.

The Consumer Credit Counseling Service on Florida Avenue in New Port Richey runs Pasco County's foreclosure prevention program. They can be reached at (727) 845-5654. It also helps consumers deal with other types of financial problems.