Florida is 7th, Number of Tampa Bank Foreclosures for Sale Rises

by Peter Vernon on cities

Real estate experts have called this one incorrectly. As the rising number of Florida foreclosure listings slowed down in March, market recovery was expected. But this did not happen. In April, foreclosures activity placed the state at the seventh spot among the states with the highest foreclosures rate. Hot markets like Tampa suddenly suffers from a seller to buyer ratio that is very depressing. Currently, Tampa bank foreclosures for sale are being offered at very low prices in order to jump start the sluggish market.

Tampa home prices have declined by as much as 10 percent in many neighborhoods, causing alarm among the sellers. They will have no choice but to cut down their asking prices in order to sell quickly. Other sellers would simply offer to shoulder closing costs instead. With this kind of market condition, experts are speculating that it will take at least a year and a half before the market favors the sellers. But right now, thousands of Tampa bank foreclosures for sale are available in the market.

So far, bank foreclosures for sale in Tampa are attracting interest, particularly single-family homes. The most recent May reports showed a bit of leveling off in the Tampa Bay market despite confusing signals generated by property tax and insurance reforms, increasing number of mortgage defaults as well as foreclosure filings and tightened underwriting guidelines enforced by lenders.

Across the state, there were a total of 14,318 foreclosure filings, with a rate of 1 filing for every 510 households. Buyers can expect most of these Florida foreclosure homes to be offered via foreclosure listings from realtors like Bank Foreclosures Sale. It is one of the most effective methods for Tampa bank foreclosures for sale to catch the interest of both first-time and seasoned buyers.