Home Prices on the Rise: Has the Land O' Lakes Market Stabilized?
There’s good news on the real estate front throughout America and right here in the Tampa Bay area. But, do you think the trend applies to Land O' Lakes?
After years of stagnation, real estate analysts are finally reporting some good news on the home front.
According to Bloomberg, home prices rose more than analysts initially thought they would year-over-year in July.
“The S&P/Case-Shiller index of property values in 20 cities increased 1.2 percent from July 2011, the biggest 12-month advance since August 2010, a report from the group showed today in New York,” Bloomberg reported.
Analysts anticipated a 1.1 percent gain. While that .1 percent might not seem like a lot, it’s translating to seemingly good news in the Tampa Bay area.
The Tampa Bay Times reported that local home sales were up 12 percent in July over reports from July 2011. The median sales price also grew by 8 percent, bringing that number to $130,000.
Do you think the Land O' Lakes housing market is following the trend? Cast your vote in our poll or add your comments below.
Mark S. Hankins
4:17 pm on Thursday, September 27, 2012
Of the five foreclosures I'm monitoring, only one has actually been marketed and sold. The others include one where the lawsuit was begun in 2008 and has only recently been concluded, another which the bank allowed the lawsuit to lapse, and a third where the owner signed a deed-in-lieu of foreclosure more than two years ago, but due to SNAFUs at the now defunct foreclosure mill's operation, the lawsuit must go on and the home will still go through foreclosure.
It's a mess, with no end in sight. This "shadow inventory" will depress prices for at least another three years.