The home price index rose by 0.4 p.c in June compared to the index in May. However [*COMMA] compared to the index in June 2008, the home price index decreased by 19.5 %.

The June home price index had an uptick as repo house lists slowed. In June, just over seven thousand repossessions were filed, an increase of twelve p.c compared to June last year. The rise rate was a substantial drop from the 33 to 48 percent of year-over-year monthly increases since Jan this year.

nevertheless, foreclosure sales still comprise a gigantic part of total home sales in the Tampa Bay area. Virtually 40 p.c of total sales consist of foreclosure houses, pre-foreclosure properties and short sales. Since 2006, home price appreciation wasn’t experienced in the area.

A Tampa broker recounted his business was able to sell 190 houses in June at relatively low costs. He announced that home costs at higher-cost areas such as MiraBay and middle-income communities like Covington Park increased only a bit.

Nationally, the Case-Shiller 20-city home price index jumped in June by 1.4 %. Tampa’s increase of 0.4 percent illustrates the slow pace of price increase in the area.

According to David Blitzer, index committee boss man at Standard & Poor’s, positive signs in the housing market are now appearing for the second consecutive month. He and other economists point to lower mortgage interest rates which have stayed below 5.5 percent as among factors enticing home buyers. The expiration of the $8,000 federal tax credit on December one is also another contributing factor.

Among home price indexes, the Case-Shiller gets more recognition because it tracks repeat sales of certain homes. From the records of Tampa realtors, home prices in Tampa reduced slightly in June to $139,400 from $141,000 in May.

Since February, home prices in the Tampa Bay area has been largely flat due to the continued market entry of foreclosure houses. Florida economists expect home prices to crawl along a set level for the rest of the year and for the following couple of years.

Wells Fargo economist Mark Vitner related that home prices in Tampa will not rise significantly in the coming years because of predicted repossessions. He said that more than 50 p.c of mortgages in the area are underwater.

If you think that you are one of those 50% that are upside down in your home and behind on your payments give us a call at 754.234.0547 for imediate assistance.