Have you heard that Tampa foreclosures are up? Good agents understand what’s happening, but great agents can explain what’s happening. So let’s jump in and get you some information that can truly help you. I’m Margaret Jackson with the Professional Agent Group at Keller Williams Realty here in beautiful Tampa Bay, Florida.
Tampa foreclosures- out of control?
Firstly, I want to try and get rid of a myth. So the myth is that foreclosures are wildly increasing. There are more and more headlines, as more and more reports come out showing, in fact, that foreclosures are increasing, and that’s actually not wrong. It is true! Foreclosures are increasing.
The red bars to the right- for the second half of 2022 and 2023-are definitely up over what we call those unicorn years during the pandemic years, because there was actually a foreclosure moratorium during the pandemic years and it was almost impossible for a bank to foreclose on a property.
What they’re talking about in the headlines is they’re up a hundred percent, 187%, and what they’re doing is comparing the foreclosures today versus the foreclosures from two years ago now, that was the absolute bottom of the foreclosure market.
Pandemic foreclosures were LOW
Look at the graph- The red bars to the right- for the second half of 2022 and 2023-are definitely up over what we call those unicorn years during the pandemic years, because there was actually a foreclosure moratorium during the pandemic years and it was almost impossible for a bank to foreclose on a property. So there was very, very little activity- falsely low in many regards.
We are not currently in a foreclosure crisis. Let’s hop on the MLS and I’ll show you some current data about Tampa foreclosures from the Tampa Bay real estate market. Within the Tri-County area of Hillsborough, Pasco, and Pinellas Counties, there are currently 17,310 active and pending residential listings. Of those, just about 78 are bank owned properties, meaning that the bank has completed foreclosure and is now actually going ahead and reselling the property. And there are also 37 short sale listings pending or active.
Tampa Foreclosures and Short Sales
When you hear the news about Tampa foreclosures, make sure that you hear the detail of what’s actually happening. Back in the crisis, back in 2007, 2008, right through to 2012, 13, we worked with a lot of people on short sales and we’re hearing of sellers again in the market who bought at or above market prices more recently even, and in some cases currently owe more than the house is worth. Now, if that is your situation, then it’s critical to brainstorm with a skilled agent about what your choices are and not simply just quit paying the mortgage and wait for the bank to foreclose is never the best plan.
We have helped many, many homeowners who didn’t know what to do and we helped them out of a crisis.
Reach out if you do have questions or if you are in a situation that you need some help.
Do not listen to the news headlines without questioning what it is that you’re hearing. That’s what we’re here for- to help you make sense about what really is going on.
