Tampa bank owned properties increased in number in May despite the drop in overall foreclosure filings.
While total foreclosure filings in the Tampa Bay area dropped over the year by 8 percent to a total of 6,292 postings in May, total units of bank REO increased to 886, up by 33.8 percent from 662 units one year earlier and up by 12.6 percent from 787 units in April.
Analysts said that the Tampa trend is following the nationwide foreclosure trend, which is a decline in overall foreclosure filings despite the increase in bank repossessions. Mortgage lenders are obviously completing old foreclosure filings instead of filing new foreclosure cases.
The increase in bank repossessions in Tampa and in other areas of the country also means that the federal loan modification program has not been successful in rescuing a lot of distressed homes.
Foreclosure filings, however, in each of the four counties of the region showed different trends. While filings fell by 18 percent over the month in Hernando, filings in Pasco jumped up by 13 percent. Filings slowed down by one percent both in Pinellas and in Hillsborough.
The still high number of Tampa bank owned properties also continued to affect home prices. In May, house prices dropped by 3.1 percent compared to April prices. Total home sales in May also fell by 5.4 percent over the month, as house sales in April spiked because of the rush to beat the federal tax credit deadline.
A number of local realtors said the end of the tax credit scheme really affected sales in May, despite the fact that the months from February to July are the peak buying months in the state.
In May, the number of bank owned properties in Florida increased to almost 11,000 units, a jump of 18.2 percent from the April REO total of 9,259. All in all, there were 42,250 REO homes in Florida from January to May this year and a significant percentage of these were Tampa bank owned properties.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites