Tampa Predicted to Face New Wave of Foreclosures

Though the Tampa Real Estate market is showing signs of improvement with lower inventory levels and slight price increases, our recovery could be slowed if the prediction of an increase in foreclosures comes to fruition. According to a January 9th article by Daily Real Estate News, Tampa is on their list of eight places where foreclosure levels are predicted to remain elevated in 2013. Five of the eight cities on their list are in Florida.

Since inventory levels are low, some foreclosure sellers are holding firm on higher prices. In my experience it has frustrated buyers who have moved on to other properties, but if inventory continues to decline it could have a positive effect on pricing.

1. Palm Bay, Fla.
Annual percent change in foreclosure activity: 110 percent

2. Lakeland, Fla.
Annual percent change in foreclosure activity: 71 percent

3. Raleigh, N.C.
Annual percent change in foreclosure activity: 62 percent

4. Tampa, Fla.
Annual percent change in foreclosure activity: 41 percent

5. Panama City, Fla.
Annual percent change in foreclosure activity: 40 percent

6. Pensacola, Fla. (tie)
Annual percent change in foreclosure activity: 38 percent

7. Omaha, Neb. (tie)
Annual percent change in foreclosure activity: 38 percent

8. Rockford, Ill.
Annual percent change in foreclosure activity: 36 percent