• 03
  • January
    2011

Home prices are continuing to fall in Tampa and it does not look like they will stop declining any time soon. According to a recent report on My FOX Tampa Bay by Gloria Gomez, Tampa has seen a drop in home prices for the fourth month in a row. Four other cities also saw a decline in prices.

Unfortunately, home prices are not likely to improve any time soon, but are expected to keep dropping to a low that has not yet been seen. Those close to the issue expect home prices to drop another 10 to 15 percent. The dismal housing market may force some Florida homeowners into short sales and foreclosure.

According to My FOX Tampa Bay, 2010 was the worst year in the last ten for home sales. With countless foreclosed homes for sale at low prices, the housing market continues to be a buyer's market, and it looks like foreclosures will keep up a steady pace and the market will not improve for the next six months at least.

In addition to the issue of foreclosures flooding the housing market, the combination of high unemployment and bad credit during the economic downturn has been preventing many people from purchasing homes.

Source:

Home prices not done dropping (My FOX Tampa Bay)