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Tampa Bank Owned Homes Mirrored Statewide Trend for REOs

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By : John Cutts    99 or more times read
The rise in number of Tampa bank owned homes in March mirrored the statewide and nationwide trend of sharp increases in real estate owned homes during the month.

The number of residential properties that entered bank owned property listing in the Tampa Bay Region shot up in March, with REOs in Manatee County spiking by over four times compared to the year before. REOs in Hernando County increased threefold while REOs in Sarasota County shot up by 250 percent.

REOs in Hernando accounted for 23 percent of foreclosure postings, REOs in Manatee contributed to 23 percent, and REOs in Sarasota made up 21 percent of foreclosure postings.

In all the three counties, foreclosure rates jumped up from rates the year before. Manatee posted the highest increase in rate, which was 63 percent; Sarasota was second, with 36 percent; and Hernando posted just 16 percent.

Excluding the REOs, the counties would have posted lesser rates of increase. The foreclosure rates in Manatee and Sarasota would have posted increase rates of only 25 percent and 8 percent, respectively. The rate in Hernando would have decreased by 11 percent.

The sharp rise in number of Tampa bank owned homes in March pushed down prices during the month, with the sales price median for single-family houses in the Tampa-Saint Petersburg metro area falling by three percent to $131,400 and the median for condo units making a 13-percent drop to $95,000.

In the Sarasota-Bradenton area, the median sales price for condo units dropped in March to $129,000, marking a 13.5-percent decrease from the $146,400 median the year before. It was the median for single-family houses in the Sarasota area that increased in March, posting a 9-percent increase to $163,400.

In the Lakeland-Winter Haven area, the median price for single-family homes fell to $105,100, marking a 3.5-percent drop from $108,800. The median for condos also fell to $58,800, a sharp fall of 31 percent.

The number of bank owned homes in Florida also increased by 23.6 percent from 6,992 in February to 8,643 units in March, representing 14.63 percent of total foreclosure filings in the state during the month. Total REOs nationwide also shot up to 91,568 units, equivalent to nearly one-fourth of total filings.

The sharp increases in Tampa bank owned homes and the resulting drops in house prices in March attracted home buyers and investors, pushing total sales of previously-owned single-family houses in the Tampa-Saint Petersburg metro area by 21 percent to a total of 2,782 homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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