We've got 41,000 homes for sale on the market. Will foreclosures pump it up more?
Just what we needed: Another barge of vinegar dumped into our already sour housing market.
This national real estate story from the Wall Street Journal predicts foreclosed homes will boost home supply by about 4 months. It blames $362-billion worth of adjustable rate mortgages that are resetting in 2008.
The housing supply in the Tampa Bay area is roughly 20 months (divide the 41,000 homes on the market by the 2,000 homes that sell each month).
If the WSJ's prediction came true locally - and that's a big if - our home listings could shoot up to the high 40,000's.
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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
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