| Along the Gulf of Mexico, hurricane season 2007 | | | | The general knowledge about foreclosure has |
| includes a welter of Tampa foreclosure homes | | | | increased, but few understand that now is the right |
| awaiting new owners. Tampa, the third largest city in | | | | time for buyers of foreclosures, when prices are |
| Florida, is part of a four county spread including St | | | | believed to be nearing the bottom of the housing |
| Petersburg and Clearwater, that is known as the | | | | market decline, or how the best of discounts can be |
| Tampa Bay Area and houses more than 2.7 million | | | | obtained by taking advantage of the impact Florida |
| residents. Hillsborough County alone listed over 1000 | | | | State Law has on the foreclosure timeline. |
| new foreclosure filings in July, 1 for every 486 | | | | Florida is a Mortgage state, foreclosure takes place |
| households. | | | | through the courts, and the timeline average is 135 |
| Sellers in Tampa struggle to get interest in their | | | | days to the sale date assuming no delays. This allows |
| properties, close to 20 months of housing inventory | | | | 4 months for a buyer to search listings and title, find |
| across the Bay area means buyers have never fared | | | | the property with some equity or ability to yield equity |
| better in terms of negotiating power. There are still | | | | through seeking discounts from lenders, and conclude |
| plenty of new construction units, and sellers less under | | | | the purchase with the best outcome for the seller |
| pressure are pricing keenly. . Still, buyers are not much | | | | Housing in Tampa Bay is still comparatively affordable |
| in evidence. | | | | in Florida terms. Expect foreclosure sales prices to |
| The locals have become accustomed to foreclosure | | | | reflect this attraction to a greater degree. Expect that |
| notices, notices of pending auction dates for auctions | | | | the relatively inexperienced buyer of a foreclosure |
| at the county courthouse, and foreclosure terminology. | | | | property in a good location, prepared to stay in his new |
| Neighbours, friends and family all know someone who | | | | home through the next 4 to 7 years, or to rent it out at |
| has received a Lis Pendens, or notice of a pending | | | | attractive rates should he need to move earlier, will |
| lawsuit. The secret is out; home owners of all income | | | | build a significant level of equity at the end of the |
| brackets, in all neighborhoods across the Bay, may | | | | period, as housing prices ride back up the other side of |
| include those who are feeling the squeezing effect of | | | | the cycle. |
| readjusting mortgages. | | | | |