South Tampa Real Estate Report
South Tampa Real Estate Market Report | 2/6/22 - 2/12/22
I'm sure you've noticed a few eye-opening headlines about foreclosure in the past week or two, i.e. "Completed Foreclosures Hit Highest Level Since March 2020." The press likes to sensationalize things...it sells papers and brings in viewers. Before hitting the panic button, take a moment to read the articles and understand what's really happening, namely: 1) government mandated foreclosure moratoriums instituted during the pandemic expired on December 31, 2021, so lenders are now able to complete the cases that were stalled; 2) lenders instituted 11,854 foreclosure actions on US properties in January '22. Considering there were next to none in January '21, the 126% YOY rise isn't very alarming at all; and 3) at the end of January '22, there were a total of 23,204 US properties in some stage of foreclosure. At the peak of the foreclosure crisis in 2011, there were approximately 1,563,000 properties in foreclosure...that's 67x's the current level. The point is, don't jump to conclusions from sensational headlines...look at statistics in the proper context. Have a great week!
Michael Palermo
