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Tampa Foreclosures-Topped Out?
May 1st, 2008 categories: Tampa Real Estate, Tampa Market Conditions, Short Sale Information
With the abundance of pre-foreclosure and bank-owned properties in Tampa currently, one has to wonder when this process will peak and subside. And while some areas have been relatively free of distressed sales, others areas are hotbeds. I see the headlines, follow the market, and I’m in the business. But there’s nothing like hard numbers to get a clear picture of what’s transpired in the last 12 months with regard to foreclosure filings. So with that in mind I recently took a look at the Lis Pendens filings in Hillsborough County for the last 12 months. The results are displayed in the chart.
A Lis Pendens is a notice of some legal action against the property owner. These are recorded with the Hillsborough County Clerk of Court, and the overwhelming majority of these notices relates to a foreclosure on a mortgage. The typical language reads:
You are notified of the institution of this action by Plaintiff against you seeking to foreclose a mortgage encumbering the following real property in Hillsborough County, Florida:…
And with the decline in property values, the slowing economy, and the many risky mortgages resetting to higher interest rates (and much higher payments), foreclosures have certainly been on the rise. Starting in September of 2007, there was a steep rise in the number of Lis Pendens filings. But in recent months, the number of filings has seemed to stabilize, at a high rate. So what will the coming months bring? Will we begin to see a decline in the number of foreclosure filings? I’ll take another look next month and update the chart.
3 Responses to “Tampa Foreclosures-Topped Out?”
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The scary part is that there are still more rate resets ahead of us than behind us. Many of the defaults have occurred because of declining property values, rather than rate resets. There will be another wave of foreclosures, this isn’t the end. And even if the government steps in to support some people, all of the ones who lied to get financing won’t be bailed out (hopefully). So they’ll still default.
We certainly have a long way to go to work through all of the bad loans handed out in previous years. Thanks for the input.
276 filed Lis Pendens to date in May. Most are filed by banks and homeowners’/condo associations.
I agree with tim, there is a long way to go - What’s great about having so many pre-foreclosures out there is that it presents an incredible opportunity for investors and property owners alike. Often times a deal is made with the property owner so it doesn’t actually result in a foreclosure. If you can find those pre-foreclosure situations and work out a deal with the property owner or bank then you can get into a discounted property and potentially make some money while also helping the property owner avoid foreclosure. Not a bad gig. I recently found a great Google Maps mashup that lists foreclosure properties and real estate in Florida It’s been a great help in finding these distressed properties and details about them.