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Market bust is a boon for buyers

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By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: April 26, 2009

TAMPA - Overwhelmed with bad loans and foreclosed homes, lenders are slashing away at prices.

That means big deals for buyers.

The median sales price of existing homes in the Tampa-St. Petersburg-Clearwater metro area fell 27 percent to $131,400 in February, according to the most recent data from the Florida Association of Realtors.

The median sales price was $178,900 in the same month a year ago.

Experts say that's because lenders are trying to get rid of homes they've taken in foreclosures and avoid taking more.
Lenders are approving more short sales, in which they accept less than the mortgage amount owed and write off the rest.

Prices are dropping so much that buyers are getting off the fence.

Sales are up. There were 1,856 existing single-family homes sold in February. That's an increase of 23 percent from February 2008.

The reasons why are everywhere.

Here are five recent distressed home sales. These are clear examples of how far we've come from the boom years.

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

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