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Distressed sales of homes around Tampa Bay drop to lowest level in years
Sales of distressed homes in the Tampa Bay area still exceed the national rate but have plunged to their lowest level in years.
In June, short sales and bank-owned foreclosures made up 18 percent of all bay area home sales. That’s down from 22.4 percent a year ago and 42 percent in January 2011 at the peak of the foreclosure crisis, according to the real estate data service CoreLogic.
“Values have come up 20 percent since 2010, so distressed sales are not what they were,” Tampa Realtor Jamie Meloni said Thursday. “There are more retail sales now versus years ago.”
In Hillsborough County, where 333 distressed homes sold in June, much of the activity has been in subdivisions and in areas around the University of South Florida, Nebraska Avenue and Sulphur Springs.
“That was a hot market in 2005. Properties were selling for $150,000 to $200,000. Now, they’re going for $30,000 and $40,000, so they took a real hit,” Meloni said. “Investors are really driving up the value now — 50 percent of our market is cash deals.”