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Foreclosure Activity Decreased in May

by Doug & Gwen Campbell at Sun Bay Associates

RealtyTrac (realtytrac.com), in its May 2009 US Foreclosure Market Report, showed that there were more than 321,000 foreclosure filings on US properties in May 2009.  The good news is that this is a 6% decrease from April 2009, but the bad news is that this was an 18% increase from May of 2008.  These figures mean that one in every 398 US households received a foreclosure filing in May.

James Saccacio, CEO of RealtyTrac, said "May foreclosure activity was the third highest month on record, and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 - a first in the history of our report."  Mr. Saccacio said that he expects a spike in foreclosures in the coming months as foreclosure delays and moratoria that have been put in place by various state laws come to an end.

Florida had the third highest foreclosure rate in the nation at 1 in every 148 housing units.  Nevada again led the nation in foreclosures, with 1 in 64 housing units, more than 6 times the national average.  California was second, with 1 in every 144 housing units, although it had a 4 percent decrease from April.

In Florida, three cities were in the top ten for foreclosure:  Cape Coral-Fort Myers no. 6 in the nation at 1 in 82 housing units; Orlando-Kissimmee at no. 8 with 1 in 101; and Miami-Fort Lauderdale-Pompano Beach at no. 10 with 1 in 105. 

Although the Tampa Bay metro real estate market is not in the top ten for foreclosure activity, the prospects for a rapid recovery are no better than most of the rest of the state of Florida.

Foreclosures nationally, and especially in these metro areas and states will continue to hold down prices for sellers.  Various experts are predicting prices to continue to decline for the next year or two, then level off for another year or two before beginning a slow return to "normal".  This could mean that today is the highest price a seller can get for his/her home for the next 5-10 years.  It also means that this continues to be a buyer's market, as long as the banks will lend to qualified buyers.

Indian Trails, Palm Harbor, Florida

by Doug & Gwen Campbell at Sun Bay Associates

There is a wonderful neighborhood in Palm Harbor, Florida called Indian Trails.  The houses are very well kept, there are mature live oak trees to provide lots of shade on summer afternoons and the location is excellent.  Palm Harbor is one of the most desirable communities in the Tampa Bay area, with its relaxed lifestyle, right on the Gulf of Mexico, and Indian Trails is one of the nicer neighborhoods in Palm Harbor.

Crystal Beach and Wall Springs Park are just a quick bike ride away.  Of course there is the Pinellas bicycle trail for a short ride to a nearby park, or for the hearty and serious rider, a trip to Tarpon Springs or Honeymoon Island is not too far.  The closest airport is the St. Pete-Clearwater International airport, only 13 miles away.  And the Dunedin Blue Jays play all summer only 6 miles away.  Spring training facilities for the Toronto Blue Jays, Philadelphia Phillies and New York Yankees are all just a short drive, with the Yankees the farthest, at less than 30 miles from Indian Trails in Palm Harbor.

There are 14 schools, 6 public and 8 private, within 2 miles of Indian Trails, including Palm Harbor University High School, the Palm Harbor Montessori Academy, elementary and middle schools, day care and several other private schools. 

Shopping, for both food and other things, is easy.  There are 8 grocery stores, including Winn Dixie and 7-Eleven, and 4 department stores, including Steinmart and Walmart within easy driving distance of two miles or less.  And just so you don't have to worry about dining out, there are 32 restaurants within 2 miles of Indian Trails, from fine Italian dining at Casa Ludovico, to the camaraderie at Peggy O'Neills Irish Pub and Eatery, to pizza at Westshore Pizza.

Indian Trails is truly one of the nicest neighborhoods in one of the nicest towns along the west coast of Florida.

Check Out Our June Newsletter

by Doug & Gwen Campbell at Sun Bay Associates

Just a quick reminder to check out our latest real estate newsletter and take a look at our listings for the Tampa Bay area.  There's a great new listing, a terrific beach house on Clearwater Beach, Florida.  Over 3550 square feet, only a block from the beach.  It's a great party house.

And in the newsletter is a piece about the $8,000 tax credit for first time homebuyers.  But get going and take advantage, it expires before the year is out.

Home sales are going up.  It seems that the prices are now attracting buyers, and not only first time buyers, but repeat buyers.  So check out our June newsletter to see what's happening in real estate in Tampa Bay.  Visit our website for all our newsletter and blogs.

Bank Owned Real Estate - The Real Deals

by Doug & Gwen Campbell at Sun Bay Associates

Today, everybody is looking for a "real deal" in real estate.  They want real estate bargains in Florida and especially the Tampa Bay area.  Sellers keep waiting for the "market to come back".  Almost all experts are saying the market should bottom out by the end of the year and then we can expect a very long, protracted recovery.  We will probably never see a red hot market like a couple years ago.

The banking industry is holding about 700,000 foreclosed properties that will have to come back on the market sooner or later.  It will not be productive if they dump them into the marketplace all at once, so they will trickle out so the market can absorb the low priced inventory better.  Bank of America has almost 1,000 bank owned properties in Florida alone.  You can contact us at Sun Bay Associates if you would like an opportunity, perhaps the opportunity of a lifetime, to invest in bank owned properties and get a tremendous bargain.

If you are a consumer in the market for a "real deal", contact your local realtor.  They have access to lists of bank owned properties.  Some properties are going for less than half of what they were purchased for just a year ago.  Now is the time for the real deals to be made.  House sales are on the rise, although prices are still falling.  When this massive wave of bank owned and foreclosed properties is gone, the price to buy a home will never be this low again. 

Displaying blog entries 1-4 of 4

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908