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Tampa Bay: Highest Metro Area of Foreclosures in 2014

Foreclosure on a home is a common occurrence in the United States, and especially in the Tampa Bay area. A new report was released by the real estate tracking service CoreLogic, that the Tampa Bay area took first place for the most completed foreclosures this past year over all other U.S metro areas.

A completed foreclosure happens when a property is sold at an auction to the bank or an investor, however, it might still be weeks after that sale takes place that the residents of the home actually move out

Nationally foreclosures have been in a decline in recent years, and even though Tampa has had a high foreclosure rate doesn't mean it is all negative. The Tampa Bay area is trying to clean out the old houses left over from the housing crash; most homes this past year that have been foreclosed were sold to new homeowners already. The housing market is growing, and in Tampa, Hillsborough over 3,000 homes that foreclosed in 2014 have sold. The market wants to turn these foreclosed homes into long term homes for buyers, not just a house to flip and resell. The improvement banks and investors are doing on these homes are in order to make Tampa Bay neighborhoods better and increase the property quality.

Even though Tampa's foreclosure rates are among the highest in the nation, they are at their lowest since 2007, the beginning of the crash of the housing market. With a decline in foreclosure rates the nation sees the housing market finally healing.

Foreclosures are stressful for anyone going through one. Since Tampa is one of the highest areas for foreclosures, it is important to realize that if you, or someone you know is struggling financially and may need to foreclose a home, please contact an attorney who can help aid the process and guide you to a financially stable future.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Works Cited:

Taylor Martin, S. (2015, February 10). Tampa Bay led nation in completed foreclosures in 2014. Tampa Bay Times. Retrieved February 13, 2015, from http://www.tampabay.com/news/business/realestate/tampa-bay-led-the-nation-in-completed-foreclosures-in-2014/2217102

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