Tampa Foreclosure Homes Creating Negative Polarity
Florida has always been famous for Florida Keys and the attractive beaches of Miami but off late the attraction has reduced due to the high rate of foreclosures in Florida. A state that has always been teeming with tourism activity lies in doldrums of a housing market that has hit rock bottom. In the last two years the number of foreclosed homes in Tampa has also increased two fold.
If you get down to the details then you will find that some of the counties are mainly responsible for the high number of Tampa Bank foreclosures. The leading county is Pasco, which registered a foreclosure rate of one per 1,027 homes in August 2007 followed closely by Hillsborough County registering one per 1,405 homes and Pinellas at third with one per 1,514 homes.
The rate of Florida repossessed homes has shown a steep increase in the period between August 2005 and August 2006 with more contributions from Pinellas and Hillsborough County. A statistical data was compiled by ESRI with Information Resource Service of Florida as well as household income statistics compiled, which showed that the number of foreclosure lawsuits had increased in different parts of Florida. The counties at the top included Pinellas with 48%, Hillsborough with 46% and Pasco with 33%.
There were very few neighborhoods in these counties, which were spared. The poorest zip code in Hillsborough County was 33605 and most of the Tampa foreclosure homes were recorded in Ybor City. It was definitely not a rosy picture and this created a negative polarity in Tampa. Tampa saw a fall in the number of investors and homebuyers in Hillsborough and especially the 33605 neighborhood.