Three-quarters of all Tampa pending home sales are because of financial distress

Pending distressed home sales in the Tampa Bay reached above 70 percent in December, turning around what was once a conventional sale-driven market as the economy continues through a recession. A new report from consulting firm Home Encounter LLC in Tampa says 70.5 percent of pending sales can be classified as “distressed,” highlighting the influence of short sales or bank foreclosures on the market. Short sales accounted for more than 21 percent of all sales in December and 61 percent of pending sales. Bank-owned accounted for a little over 20 percent of all sales and 10.5 percent of pending sales. Conventional sales accounted for just half of all sales in December and only 30 percent of pending sales.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email