Foreclosure Inventory Falls As the US Economy Improves
2015 was a good year for real estate for most of the United States and the Tampa Bay Area was no exception. Inventory is low and prices have continued to increase steadily. Homes that were in good condition and listed at market value have sold with shorter market times and some sellers have experienced multiple offers. Foreclosure inventory has dropped 21.5% nationwide between October 2014 and October 2015 and the foreclosure inventory in the Tampa Bay Area has declined as well. In addition there has been a consecutive decline in foreclosures filed in the US for the past 48 months.
Currently it is estimated that only 3.4% of US homes are in serious delinquency. These delinquency rates are much lower than in previous years. Fewer foreclosures were filed in 2015 and many of the homes were rehabbed and sold close to or at market value. Fannie Mae forecasts a continued increase in homes sales in 2016 over 2015. In addition interest rates are expected to increase.
Many families are taking advantage of the current low rates and moving to bigger homes while others are downsizing. Low interest rates make it more affordable to buy more house or on the flip side to reduce your payments. If you have considered buying or selling this may be the right time. For additional information on Real Estate in the Tampa Bay Area or surrounding areas, please contact me.
Real Estate Foreclosure Highlights:
- Foreclosure Inventory has dropped year-over-year for the last 4 years (48 months).
- Only 3.4% of US homes are in serious delinquency.
- 29 states have a foreclosure inventory rate lower than the national average.