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Bargain Hunters Scoop Up Homes

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By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: November 19, 2008

TAMPA - Bargain hunters continued to snatch up foreclosed properties during the third quarter, marking the first quarter in three years that Tampa Bay has seen a yearly increase in home sales.

There were 6,502 sales in the quarter, up 10 percent from the same quarter last year, according to the Florida Association of Realtors.

Prices, on the other hand, continued to fall. The median sales price dropped 19 percent to $169,700, up from $210,700 in the third quarter last year.

Bay area home sales stuck with the national trend, although local prices dropped further than some other states. Experts point to record number of foreclosures nationwide that are luring buyers back into the market.

The National Association of Realtors, which released national sales data Tuesday, estimates 40 percent of transactions in the third quarter were distress properties. The group has estimated that up to 60 percent of Florida properties that are selling are distressed homes.

"A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago," said Charles McMillan, president of the real estate group.

Nationally, home prices fell in a record four out of five U.S. cities in the third quarter. Among 152 metro areas, 120 posted declines in median home sales prices compared with a year ago, the quarterly report showed.

Sales fell by nearly 8 percent in the third quarter nationally, and home prices fell 9 percent from a year ago to a median of $200,500.

Reporter Shannon Behnken can be reached at (813) 259-7804.

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