1 in 10 FHA loans in the Tampa Bay area in default

In the Tampa Bay area, nearly 1 in 10 mortgages backed by the Federal Housing Administration is in trouble. As of December, 3,913 out of 41,361 FHA mortgages in the region hadn't been paid in at least three months and hovered on the brink of foreclosure. That's up from 2,135 a year earlier. The rate of default was 9.46 percent, up from 6.44 percent in December 2007. The most recent national rate — for February — was 7.5 percent. Here's a breakdown by loan type as of December 2008. Default rate overall: 9.46 percent. Default rate on fixed-rate mortgages: 9.4 percent. Default rate on adjustable rate mortgages: 11.67 percent.

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