Eric Snider | Tampa Bay Business Journal |
“We’re not out of this foreclosure/short sale mess yet.
More than a quarter of homes sales in December in 10 of the country’s largest metro areas were processed as either foreclosures or short sales, a new report says. Tampa ranked fourth, with such transactions making up 30.1 percent of home sales.
The story first appeared in 247wallst, based on RealtyTrac’s Year-End 2013 U.S. Residential & Foreclosure Sales Report.
247wallst said the median Tampa Bay home price in December was $112,000, less than most metros studied. Also last month, 57 percent of the Bay area’s real estate deals were done in cash. A contributing factor was that a relatively high number of homes were sold at foreclosure auctions. Auction buyers often must pony up cash.
Las Vegas led the pack in distressed sales with 41 percent, followed by Orlando-Kissimmee (35.9 percent) and Detroit (31.2 percent). Miami-Ft. Lauderdale ranked fifth at 29.6 percent.
Most foreclosed or short-sales homes sell at a discount. For instance, in Vegas such homes sold at 15 percent below average, while in Detroit it was a eye-popping 72 percent.”