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Tampa Area Housing Market Not Yet Out of the Woods

Tuesday, July 10, 2012

 

Several reports have indicated the increase in foreclosure activity within the Tampa Area. While the reports may show the numbers rising, they also speak of the overall gain since the housing “bust”.

Realty Trac released a report dated June 14, 2012. They named the top 20 areas for foreclosure activity and Tampa was among this list.
A few points from the report:


Foreclosure activity increased by 26% (combined) in Judicial states such as Florida.
Nationally, foreclosure starts are up 12% since April 2012 and 16% since May 2011 while Florida foreclosure starts are up 83% since May 2011..
REO (Real Estate Owned – Bank Owned) activity increased in FL by 32% since May 2011.
Tampa’s foreclosure filings have increased by nearly 111% since May 2011 – equates to 1 out of every 304 homes.

HUD (Dept. of Housing and Urban Development) addressed the Tampa –St. Petersburg MSA within their January Housing Scorecard. It mentioned that 47% of mortgages in the area are “underwater” (the loan is larger than the value).

What this means to you as a homeowner is the possibility of lower values. Bank owned properties can greatly reduce the market value of other homes in the neighborhood. While many lenders are now working diligently to offer short sales to borrowers, these are still distress sales and represent lower prices. National indicators in general are showing improvement but it will be a bumpy road to recovery.


For assistance in short sales or foreclosure defense, contact Florida Consumer Law Center, P.A. at (813) 868-3484.


 

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