There are more choices for buyers looking for Tampa bank owned properties as lenders repossessed more homes in May.
In the Tampa Bay counties of Pinellas, Pasco, Hillsborough and Hernando, banks repossessed 886 residential properties in May, up from 787 units in the previous month and up from 662 one year earlier, based on a foreclosure report.
These nearly 900 homes added to the current REO inventory in the Tampa area mean more home buying opportunities both for investors and owner occupant buyers. In addition, hundreds more are expected to enter Tampa real estate listings in the coming weeks as there were 5,376 homes notified of default and foreclosure sale in May.
With many distressed mortgages failing to get modified under the Home Affordable Modification Program, a substantial number of these delinquent homes are expected to eventually enter foreclosure and get repossessed by banks.
Although the Tampa Bay area showed a general year-over-year drop in foreclosure filings, trends differ in each of the seven counties that comprise the region. Foreclosure filings decreased by 18 percent over the month in Hernando while filings increased by 13 percent in Pasco. In Pinellas and in Hillsborough, filings dropped by one percent.
Compared to filings in May last year, Pinellas posted a decrease of 24 percent and Sarasota followed with a drop of 11.5 percent. These substantial decrease rates offset the minimal increase rates in three counties: 4.4 percent in Hernando, 3.6 percent in Hillsborough, and 2.7 percent in Manatee.
The increase in bank repossessions in Tampa in May amid the decline in foreclosure filings showed that banks were more eager to finish the foreclosure process for properties already in court than to file new cases.
Among the seven counties in the Tampa Bay region, Pasco, Hernando and Polk were three of the Florida counties in the top 20 list of U.S. counties with the highest foreclosure rates in May. Pasco County ranked tenth despite a slowdown in foreclosure activity.
If distressed homeowners in Tampa Bay area are not given meaningful assistance, foreclosures are expected to continue rising in the area because of the high percentage of borrowers in default.
More than 17 percent of mortgaged homes in the area were in default by three months or more in April, almost double the nationwide default rate of 9 percent. Additionally, nearly 11 percent of mortgaged homes in Greater Tampa were in foreclosure during the same month.
For buyers interested in bank owned properties in Greater Tampa, seeking assistance from realtors experienced in selling homes in the area is a smart move. Because these realtors have strong networks and partnerships with local banks and home builders, they get the best listings.
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