Foreclosures Bringing Down Tampa Neighborhoods

How is your neighborhood affected?

As of today, there are currently 3,277 active short sale/foreclosure properties listed in the Multiple Listing Service in the Tampa Bay area. In addition to the short sales/foreclosures, there is another 929 bank-owned properties currently listed.  The numbers pulled from MLS are not a representative of the total amount of foreclosure and bank-owned properties.  As of August 2008, Hillsborough County is north of 10,000 foreclosures.  All of this results in alot of empty homes that are left uncared for.  For the property owners who remain current on their mortgage, the empty homes create a huge problem.  Not only is the empty home unsightly, but it attracts unsavory people and the crime rate in a normally safe suburban neighborhood rises.  I always have to warn my buyers before visiting these properties because you never know what to expect when you arrive.  Sometimes you will find appliances ripped out of the wall or floors torn up by disgruntled property owners.

Another problem stemming from home foreclosures is funding the HOA fees.  Tampa has alot of master-planned communities that require a monthly HOA fee in order to maintain the common areas.  Condos will typically include insurance for the structure as part of the COA fee which must be paid.  Who bears the grunt of the shortage?  The association could be forced into bankruptcy and as a result the property will slowly deteriorate.  Homeowners should be involved in their homeowners association and work to come up with creative solutions to avoid a bankruptcy situation.  Renegotiating service contracts would be a good start.

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Tags: bank-owned properties, foreclosure, homes, housing market, REO, short sale, Tampa Real Estate