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Centers of Foreclosed Homes for Sale in Tampa, FL Changing

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By : John Cutts    99 or more times read
The centers of foreclosed homes for sale in Tampa, FL are now changing, as neighborhoods battered by foreclosures in the early months of the housing crisis are now recovering and areas previously insulated from the crisis are now experiencing surges in defaults and foreclosures.

In Riverview, one of the hardest hit areas in the early days of the crisis, foreclosure filings are still being posted, but the pace has slowed down. This area suffered record numbers of foreclosures when the housing crash hit because most of the new homes sold were acquired by investors.

When investors could not resell their homes in 2008 and in early 2009, it was easy for them to walk away because they acquired them through cheap loans and zero or low down payments.

On the other hand, New Tampa and Town N Country had more owner-occupied homes, so these were initially saved by the owners who held on as long as they could with their savings and investment funds. But as the recession worsened and job losses increased, many of these homeowners could no longer continue paying. A number of them decided to intentionally default as they figured it made more sense to rent and save their mortgage payments.

Total filings in Riverview reached 464 postings in the first quarter, higher than the 272 filings posted in New Tampa and in Town N Country, but the 15-percent increase in New Tampa and the 26-percent increase in Town N County are higher than the 4-percent increase in Riverview.

In April, a total of 787 foreclosed homes for sale in Tampa, FL were in bank books, marking a jump of 23 percent from REOs one year earlier and an increase of 12 percent from March. These homes are located in Pinellas, Pasco, Hillsborough and Hernando which comprise the Tampa Bay region.

The number of Florida foreclosed homes also increased in the first quarter, with more than 22,000 residential units repossessed by mortgage lenders. Foreclosure postings rose by 28.8 percent from one year earlier and by 7 percent from the prior quarter to 153,540 filings, providing more opportunities for people planning to purchase foreclosure homes and pre foreclosures.

Foreclosures partly pushed up home sales in the first quarter as their still low prices encouraged buyers to make their purchases. Additionally, first time buyers also rushed to buy because the federal tax credits were expiring. The still low mortgage rates and large housing inventory were added factors.

Total condo sales in Greater Tampa shot up by 87 percent to a total of 2,306 units compared to sales one year earlier while single-family homes rose by 15 percent to a total of 6,580 units compared to the 5,721 units sold in the first quarter last year.

Prices for the homes sold in the first quarter fell, giving better buying opportunities for people investing in foreclosed homes for sale in Tampa, FL. The median sales price for homes dropped by one percent from one year earlier to $129,300 while condo prices fell by 10 percent to $94,900 in the first quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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