Foreclosure Connections Blog

Difficult Times For Tampa Homeowners

The situation is no different in the first quarter of 2008 as well. The worst hit areas are Hillsborough and Pinellas counties followed by Pasco County. Lenders in the Pasco County have sued almost 211 homeowners in the month of November 2007, which is an increase of 8% since October and an increase of 87% since November 2006. All this is adding to the huge repository of foreclosures by state while homeowners find themselves in desperate situations.

In comparison to Pasco County, the house foreclosure filings in Pinellas County dropped by 2% to 367 and dropped by 4% to 419 in the Hillsborough County. This data was obtained from the county area court clerks. So in total the foreclosures in Tampa Bay are been seen both ups and downs in the last quarter of 2007 making it an unpredictable market.

But the true picture of foreclosed homes in the Tampa Bay area can be seen and felt only in the Pasco County where once hundreds of homes were built especially around 2005-06. This was the period of the housing boom and people built homes to live their great American dream but today most of the homes remain unwanted and empty, giving the county a ghostly and deserted look. Many of these homes were bought by first time investors who were merely looking to flip them to make a quick profit but today the same homes stand as a reminder of opportunity lost. In the last couple of years, the demand for homes have also gone down which was the biggest setback for most of the new investors and has led to more number of foreclosed houses in the area.