Foreclosures and the Impact on Tampa Bay | Tampa Real Estate Blog

The second half of 2012 has seen a gradual increase to home values in the Tampa Bay area. However, the change is slow, resulting in more than 200,000 homes in this region being underwater. One of the popular terms for a home that is currently valued at less than the balance due on the mortgage, its affect on the housing market is a drain towards recovery.

While prices are rising with the result of shrinking the gap between mortgage debt and home values, foreclosures in Tampa Bay are still excessive. At twice the number of homeowners with mortgage payments later than 90 days than the national average, auctions, repossessions and the start of foreclosure proceedings are fifteen percent higher than they were in October 2011.

Overall, Florida?s foreclosure activity is less than it has been for over a year, with the exception of Tampa. One reason is that banks suspended action while dealing with problems due to robo-signing and legal delays. Now the goal is to complete legitimate foreclosures on homes ninety days or more past due and sell the vast number of distressed homes.

One exception from these statistics is foreclosure homes in Hillsborough County, which dropped ten percent over the past year. On the other hand, Hernando County foreclosure filings doubled and Pinellas County is up 65 percent for the same period of time. There are some benefits for those looking for homes in Seven Oaks and other nearby neighborhoods.

Because the banks are now in a position to clear the property from the books, it is providing for-sale homes in desired subdivisions. That stabilizes locations by filling empty houses and adding value to other homes in the area. Higher purchasing prices also add value to nearby homes because a better sale price gives a higher appraisal to similar houses going on the market.

In the past, appraisers had the opportunity to use comparable homes that were being willingly sold by the owner, rather than bank-owned properties and short sales. The economic downturn created a mortgage crisis in 2007, which in turn resulted in homes dropping in value. Consequently, underwater homes were sold for much less than previous value or foreclosed and left vacant.

Determining the fair market value of a single family residence is a more difficult task than it used to be. A higher demand for property is resulting in higher prices for the owner, whether it is the bank or an individual. It is a positive move that gives appraisers a better opportunity to base value on the present day market.

Source: http://www.tampa2enjoy.com/blog/2012/12/14/foreclosures-and-the-impact-on-tampa-bay/

oklahoma state santonio holmes raheem morris winter classic mt rainier caucus stanford vs oklahoma state