"Steep losses" predicted for Tampa housing market
Oh Boy. We've made a Top 10 list for "markets set for steep losses" We're No. 7, behind Miami, Orlando, Lauderdale and host of other Sunbelt underachievers.
Money magazine predicts our prices will drop 17.1 percent in the next year and won't hit bottom until January 2010.
Money provides no obvious supporting documentation for its analysis, at least on its Web link. It seems to base its prediction largely on the region's foreclosure rate.
Equally confusing is its claim that our median home price is $200,000. February's median single family home price in the Tampa region was $178,900, according to the Florida Association of Realtors.
That would affect the 17.1 percent depreciation prediction, wouldn't it? It would bring our median price to $166,000 in the next year, even though Realtors says we're already more than half way there.
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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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