Tampa Real Estate from Tony Delgado

Bank of America release Short Sale incentive program Nationwide.

Tony Delgado — Thu, 17 May 2012 22:02:00 GMT

On Tuesday, Bank of America decided to launch their test Short Sale incentive program taking it nationwide and offering cash to many troubled homeowners unable to take part in the trial program. The offer could pay a delinquent homeowner as much as $30,000 if they agree to complete a short sale.

It seems that BofA has finally figured out that going through the foreclosure process and taking the home back, is costing them more money in the long run.

When people go into foreclosure, they generally do nothing to take care of the home. Some walk away taking light fixtures, appliances, cabinets- even sinks and toilets. Others who are angry about their situation do major damage to the house. These cost the bank ten’s of thousands of dollars by either forcing them to fix up the property so an owner occupant will buy it, or deeply discount the house so an investor will be able to purchase, rehab, and sell for a profit.

The program was tested in Florida between Sept. 26th and Nov. 30th of last year, and nearly 11,000 Florida borrowers, some in the Tampa Bay real estate market, verbally agreed to complete their short sales by August of this year. So far only 847 of those short sales have closed and according to BofA, the average payment to cooperating homeowners in Florida was $12,000.

How to Qualify:

The seller must work with Bank of America to obtain a preapproved price prior to submitting an offer from a prospective buyer.

The short sale must be started by the end of 2012 and close by Sept. 26, 2013.

Bank of America must own and service the mortgage.

Some Homeowners currently in the process of a short sale with Bank of America may be eligible for the program as well and the amount of money the homeowners receive “will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.”

For more information about the program, call (877) 459-2852.

This short sale program could help reduce the number of distressed homes in Tampa and the surrounding areas. Nearly two thirds of the homes under contract in Hillsborough, Pinellas, and Pasco counties are Short Sales. A very small number, only 9% on average, of those homes actually close on a monthly basis. If more lenders were to get on board with this type of program, they would save themselves a lot of money and it would help stabilize prices in some of the areas hardest hit neighborhoods.

Tony Delgado-RE/MAX Bay to Bay-South Tampa

Under Contract-Tampa Real Estate Investment!

Tony Delgado — Wed, 16 May 2012 23:00:00 GMT

Tony Delgado | Homeward Real Estate | (813) 493-0882

207 E Wood St, Tampa, FL

Great Investment Opportunity

2BR/1BA Single Family House

offered at $27,400

Year Built	1947
Sq Footage	736
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	5,800 sqft
HOA/Maint	$0 per month

DESCRIPTION

This is your chance to own a great rental property in Tampa. This 2 Bedroom 1 Bath block home needs some work, but it's worth it at this price.

see additional photos below

PROPERTY FEATURES

- Central A/C

- Central heat

COMMUNITY FEATURES

- Covered parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8
Photo 9	Photo 10

Contact info:

Tony Delgado

Homeward Real Estate

(813) 493-0882

For sale by agent/broker

Posted: Mar 20, 2012, 7:34am PDT

Rented!!

Tony Delgado — Tue, 08 May 2012 22:08:00 GMT

Tony Delgado | Homeward Real Estate | (813) 493-0882

12970 Kings Crossing Dr, Gibsonton, FL

Spacious Townhome in Gated section of Kings Lake

2BR/2+1BA Townhouse

$925/month

Bedrooms	2
Bathrooms	2 full, 1 partial
Sq Footage	1,360
Parking	None
Pet Policy	Conditional
Deposit	$925

DESCRIPTION

This spacious Townhome is located in a gated section of Kings Lake, has no rear neighbors and a view of the Lake. It comes with all appliances including a washer and dryer, and your water & basic cable is included in the rent. Both upstairs bedrooms have their own bathrooms and there is a half bath downstairs. The unit also features a large storage pantry and outside storage closet located on the lanai.

see additional photos below

RENTAL FEATURES

- Air conditioning	- Central heat	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Washer	- Dryer	- Laundry area - inside
- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Swimming pool(s)

- Playground

- Gated property

LEASE TERMS

1 Year

ADDITIONAL PHOTOS

Photo 1

Contact info:

Tony Delgado

Homeward Real Estate

(813) 493-0882

Posted: Apr 12, 2012, 2:36am PDT

Shadow Inventory no longer a Fear

Tony Delgado — Thu, 03 May 2012 21:24:00 GMT

The “shadow inventory” has been talked about by Economists and Real Estate Analysts on many occasions over the past few years. The suggestions have been that a massive inventory of homes is being held back by banks and that when they release them, a downward spiral in home values would again destroy the stability of the housing market. Seeing the number of Short Sales in the Tampa real estate market climb since 2007, my thoughts were the fear was well founded.

But according to a white paper written by Florida Realtors Chief Economist Dr. John Tuccillo, the fear of a shadow inventory is overrated. He says the reality is much different.

According to Tuccillo, Banks and Lenders have no desire to release their inventory of repossessed homes if it will lead to lower prices and impact their profit. As it stands, Foreclosures in Tampa and surrounding communities are being sold at numbers much higher than the initial asking price.

Recently, a foreclosed home in the Sheldon Chase subdivision of Tampa was sold thru the gohoming.com home auction web site. The property was offered at $55,000, but ended up selling for $85,000. Another in the Trinity area was listed at $198,000 and received offers as high as $260,000 according to the listing broker. This has become quite common all over the Tampa Bay area and is not limited to distressed homes only.

Prices are being driven up by a lack of inventory and an excess of home buyers, so why would Banks do anything to change that dynamic. They may not get what was originally borrowed, but they’re sure to get much more given the current market conditions by slowly releasing what they have.

Statistics show that foreclosed property sales and listings in the Tampa Bay area have been on the decline late in 2010. That number has started to rise over the past few months, but those homes are snapped up almost as quickly as they hit the market.

Short Sale homes-which are included in the “Shadow Inventory” have climbed during that same period. These homes are offered for sale prior to going to foreclosure, eliminating some potential bank owned properties that lenders would have to hold. Banks are starting to speed up the approval process for these types of sales which is better for all parties in the long run.

Florida’s shadow inventory was estimated to be around 550,000 properties in December of 2011, a decline of about 9% from the first quarter of 2010. The number of foreclosures in Tampa Bay was much lower in February of 2012 than it was one year earlier and the inventory of Short Sale properties available is half of what it was 2 years ago, suggesting a slower shadow inventory growth.

The chances of a downturn in the housing market because thousands of distressed properties are dumped in to the market appears to be something that is not going to occur. And with the low inventory of homes right now, I’m not sure it would do much to put downward pressure on home prices in our area even if they were.

Tony Delgado-RE/MAX Bay to Bay-South Tampa

Under Contract in Concord Station!

Tony Delgado — Sun, 29 Apr 2012 14:54:00 GMT

Tony Delgado | RE/MAX Bay to Bay | (813) 493-0882

18369 Aylesbury Lane, Land O Lakes, FL

New Home in Concord Station

5BR/2+1BA Single Family House

offered at $229,900

Year Built	2012
Sq Footage	2,858
Bedrooms	5
Bathrooms	2 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	.15 acres
HOA/Maint	$0 per month

DESCRIPTION

This 5 Bedroom 2.5 Bath Two Story home is located in The Concord Station Subdivision in Lutz, Florida. The home has over 2800 square feet and features upgraded Cabinets and Countertops, Ceramic Tile floors, a 3 Car Tandem Garage and the many other extras offered by Lennar Homes. The community features a resort style pool, clubhouse, fitness center, ping pong, pool tables, and more!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- High/Vaulted ceiling
- Walk-in closet	- Tile floor	- Family room
- Living room	- Bonus/Rec room	- Office/Den
- Dining room	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Washer	- Dryer
- Laundry area - inside	- Yard

COMMUNITY FEATURES

- Clubhouse	- Fitness center	- Swimming pool(s)
- Playground

ADDITIONAL PHOTOS

Photo 1

Contact info:

Tony Delgado

RE/MAX Bay to Bay

(813) 493-0882

For sale by agent/broker

Posted: Apr 29, 2012, 5:45am PDT

Monthly Home Sales Report for Tampa Bay

Tony Delgado — Thu, 26 Apr 2012 18:50:00 GMT

According to residential sales data reported in the Tampa MLS between March 26^th and April 25^th, the number of houses sold in the Tampa Bay area soared to a number not seen since July of 2006. Over 3700 properties closed during the 30 days tracked as buyer activity increased in all price levels.

The number of active homes for sale in Tampa and the surrounding communities fell for the 17^th straight month. There is only a 4 month supply of homes in the Tri-county area and 20% of those properties are short sales.

The increase in buying activity, falling inventory, and the appearance that prices in many areas have hit bottom and are starting to climb again, has created a frenzy of home purchases. Bidding wars are more and more common on many houses that are hitting the market and Foreclosures in Tampa Bay are still selling within days of being listed in most cases.

One banked owned property in the New Port Richey subdivision of Thousand Oaks was listed at $198,000, but bid up to $260,000 within a matter of days. While there is a question as to whether the home will appraise for the price offered based on recent sales, it’s obvious that someone felt it was worth paying that much. There would be plenty of happy homeowners in the neighborhood if in fact the home actually closed and sold for that amount.

The Monthly Stats:

Pending sales increased for the 4^th month in a row.

59% of the homes under contract are short sales.

Only 763 of the 7600+ Short Sales under contract last month actually closed.

Bank owned properties available for purchase are slightly higher this month.

Closings on Foreclosures in Tampa and surrounding communities were up a whopping 30%.

The number of foreclosure properties under contract and scheduled to close is higher than last month.

Short Sales accounted for 20% of all home sales over the 30 day period tracked and REO(Bank Owned) properties accounted for 17%. The number of Short Sales available for purchase is just a little over half of what it was this time last year and while Foreclosures keep coming, they are being purchased very quickly.

The Tampa Bay housing market seems to keep moving steadily in the right direction.

Information provided courtesy of Tony Delgado-Tampa Bays Agent-RE/MAX Bay to Bay-South Tampa

Are Short Sale Approvals on the Rise?

Tony Delgado — Tue, 24 Apr 2012 21:52:00 GMT

According to a recent report by market researcher Realty Trac, the number of closings on Short Sales was higher than the sold foreclosure properties in 12 different states. They said this was an indication that homeowners are finding Short Sales to be easier than they used to be and a better way out of a distressed situation or underwater home loan. The numbers in the report may be true, but reality says we have a long way to go when it comes to closing shorts sales in Tampa Bay.

Short Sales occur when a lender agrees to take less than what is owed to them and allows the sale of the home to a new buyer. Short Sales in the Tampa Bay real estate market currently represent approximately 20% of the homes available for purchase. That number is nearly half of what it was this same time last year, but it’s not because they were sold and closed.

Last month over 7,200 of the homes under contract were Short Sales, but only 618 of those actually closed. Last month there were 1,116 foreclosures pending and 458 closed. The foreclosure number may be lower than closed short sales, but the ratio of pending to closed shows a staggering difference.

The Realty Trac report seems to lead us to believe that lenders’ have an increased willingness to do short sales. It looks to me that the numbers in Tampa Bay show that we have a long way to go with lender cooperation on Short Sale offers.

RealtyTrac says foreclosure sales still outnumber short sales nationwide but that is not the case in the Tampa Bay area. Short sales have outpaced foreclosures in Tampa since August of 2011. But is that because banks are approving a lot of shorts sales in Tampa and the surrounding areas.

Obvioulsy not.

What it suggests is that there aren’t many foreclosures available for sale in the Tampa Bay.

Some mortgage servicers say they started pursuing short sales more aggressively months ago. Bank of America says it approved 107,000 short sales last year, nearly double the amount in 2009. But if there are over 3,300 short sale homes available in a 3 county area here, how many more are scattered across the country. I’m afraid these numbers are very small in the grand scheme and much needs to be done to make the process faster and more efficient.

It has been well documented that Short Sales tend to harm neighborhoods less than foreclosures. They are usually maintained better and typically sell for a higher price. The homeowners also have the opportunity to get a new mortgage sooner than those who go through foreclosure. It makes perfect sense for Banks to try to find a way to get more of them closed. Or so you would think.

There have been new measures introduced recently that could boost short sales.

Freddie Mac and Fannie Mae will soon require lenders to decide short sale offers within 60 days.

I guess we’ll have to see if the changes come and hope that these types of deals start closing at a better clip. 8% isn’t going to cut it.

Strategic Defaults May Be On The Rise

Tony Delgado — Wed, 18 Apr 2012 19:37:00 GMT

In 2005 and 2006, the Tampa Bay real estate market was booming. Mortgages were easy to obtain, home prices were rising, and everyone wanted in on the "American Dream". Owning a home has been the goal of nearly everyone I have known or met, and keeping that home has always been at the top of the list when hard times hit.

Then came the foreclosure crisis and a crashing economy. It has changed what was traditionally a strong tie homeowners had with their homes. What used to be an unthinkable option has become more and more common as homeowners watch banks, auto companies, and other big business get bailed out with tax dollars, while very little is done to help them with the crashing value of their home. Property values in the Tampa Bay area have fallen more than most places across the U.S., and the result has been a larger volume of what is termed a “strategic default” in our area.

And it appears that the likelihood of those types of defaults might be on the rise this year.

According to a new survey by FICO, bank risk auditors seem believe that more people may be opting for a “strategic default” over the next year, which in turn could slow the recovery of the housing market.

Of the auditors asked, 46% said they expect the number of strategic defaults in 2012 will surpass 2011 levels given that over 25% of U.S. homeowners are “under water” or owe more on their mortgages than their homes are worth. In the Tampa Bay area, the percentage of “underwater” homeowners is much higher. One bank representative said that “After five years of a brutal housing market, many people now view their homes more objectively and with less sentimentality."

Participants in the survey said they were concerned about changes in customers’ attitudes towards payment and debt obligations and when asked whether the current generation of homeowners sees a mortgage as their “most important credit obligation,” 49% of the bankers said no.

The results of the survey shows a strong belief that homeowners who find themselves upside down on mortgages in the future will likely consider strategic default as an acceptable exit strategy.

Another Listing Under Contract!

Tony Delgado — Tue, 17 Apr 2012 15:52:00 GMT

Tony Delgado | Homeward Real Estate | (813) 493-0882

11743 Colony Lakes Blvd, New Port Richey, FL

Fantastic Home on Beautiful Conservation Lot

4BR/2+1BA Single Family House

offered at $139,900

Year Built	2007
Sq Footage	2,858
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	6,943 sqft
HOA/Maint	$90 per month

DESCRIPTION

This Spacious 4 Bedroom 2 and a Half Bath home has all the upgrades at a great price. At nearly 2900 square feet it features an open Kitchen with Upgraded Cabinets and Granite Counters, a Formal Living/Dining area, Family Room, and a huge upstairs Loft. The oversized Master Suite is located downstairs and features a great Master Bath with Garden Tub, Seperate Shower, His & Her Vanities w/sink, and a huge walk in Closet. The fenced backyard over looks the wonderful conservation area. Don't miss out on this one!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Walk-in closet
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Breakfast nook	- Granite countertop
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Playground

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8
Photo 9	Photo 10

Contact info:

Tony Delgado

Homeward Real Estate

(813) 493-0882

For sale by agent/broker

Posted: Mar 26, 2012, 11:32am PDT

New Listing in St. Petersburg-3/2 Block Home under $100K!

Tony Delgado — Thu, 12 Apr 2012 11:33:00 GMT

Tony Delgado | Homeward Real Estate | (813) 493-0882

2633 25th Ave N, St Petersburg, FL

Newer 3/2 Block Home in St. Pete

3BR/2BA Single Family House

offered at $99,900

Year Built	2000
Sq Footage	1,420
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	Unspecified
Lot Size	4,639 sqft
HOA/Maint	$0 per month

DESCRIPTION

Great starter home. This newer 3 Bedroom 2 Bath home has been freshly painted in side and out and features tile floors through out, a spacious master bedroom, and good size secondary bedrooms. The home has both a Living Room and Family Room and teh back yard is fenced. Great home priced under $100K.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Tile floor
- Family room	- Living room	- Office/Den
- Dishwasher	- Refrigerator	- Stove/Oven
- Washer	- Dryer	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5

Contact info:

Tony Delgado

Homeward Real Estate

(813) 493-0882

For sale by agent/broker

Posted: Apr 12, 2012, 2:22am PDT

Property Tax Amendment could help Tampa Bay Home Owners

Tony Delgado — Mon, 09 Apr 2012 22:34:00 GMT

When the November elections roll around, there will be an amendment on the ballot that could help many Tampa Bay real estate owners get a lower property tax bill.

Here are the highlights of Amendment 4:

It will reduce the amount property taxes can be raised on non-homestead properties from 10% to 5% every year. This will promote investment in real estate and make it more attractive to small businesses and commercial property owners that operate in the Tampa Bay area.

It will also give some first time homebuyers an additional homestead exemption that will expire after 5 years. Rewarding new home buyers would help promote property purchases and further stabilize the housing market in Tampa Bay.

It will stop a recapture feature that forces homeowners to pay higher property taxes even when the value of their home falls.

The combination of these changes will put more money back into the home owner’s and business owners pockets and make purchasing real estate a more attractive option for everyone.

Has the Tampa Bay area turned to a "Seller's Market"?

Tony Delgado — Sat, 07 Apr 2012 12:24:00 GMT

What’s the recent news for the local real estate market: Bidding Wars, Fewer Homes for Sale, Foreclosures snapped up as soon as they hit the market.

There’s a lot of talk in the local media, both Print and Television, about the Tampa Real Estate market and the appearance of it turning from a Buyer’s to a Seller’s advantage. The public’s response to these articles has been overwhelmingly, well let’s just say reserved.

The reality is that the news has been accurate, despite the grumblings of people who say it’s just hype by realtors trying to give a false impression of what the housing market in Tampa Bay is really like.

When 17 investors are bidding on a house that ultimately sells for $12,000 more than the asking price, or a first time home buyer is offering $8,000 more for a home than the asking price and still not getting it, I think it’s pretty clear that the market is changing and that people who are choosing to sell their homes now are having a much easier time doing it than they were 2 years ago. Or even last year for that matter.

In March of 2009 the number of homes for sale in Tampa Bay exceeded 32,000 properties.

In 2011, that number this same time last year was 24,163

Today it’s just under 16,000.

Despite these facts, the public perception is it can’t be a “Sellers Market”. The reason they think that could be they don’t understand what the term actually means.

The definition of a Seller’s Market is when there are more buyers than homes for sale. Since supply is less than demand, homes can be priced a little higher than they were before and will sell faster because of the lack of inventory.

Now, add to this scenario the fact that Twenty Percent of the homes for sale in the Tampa Bay area are Short Sales AND homes available in the most sought after areas are limited because so many people owe much more than its current value and don’t want to take a loss or do a Short Sale.

What is created-a market that allows a seller to move their home quickly at a price that might be higher than they would typically get.

This describes many neighborhoods throughout the Tampa Bay area.

It doesn’t mean you can sell your home for whatever price you choose, and that home values are skyrocketing-which seems to be what people think when they hear this term.

Now obviously this is not the case in the entire Tampa Bay area. There are still places that are flooded with short sale homes and they outnumber the regular sales 3 to 1 in some cases. These communities still have a ways to go before they will see the same situation that others are currently experiencing.

But for the neighborhoods that have a lack of inventory, very few short sales, and even fewer foreclosures, the ability to sell a home quickly and at a higher price hasn’t been this good in years.

Tampa Real Estate Monthly Sales Report-Positive signs continue

Tony Delgado — Wed, 28 Mar 2012 22:19:00 GMT

The data reported in the Tampa MLS between February 26^th and March 25^th, 2012 showed that Tampa Bay home sales were up slightly from the previous month’s numbers and 11% higher than this same time last year.

3,177 residential units were reported as closed transactions during the period tracked in the Hillsborough-Pinellas and Pasco County areas. Consistent sales are the trend and with a falling inventory of homes, buyers are having a more difficult time finding one they like.

The number of homes for sale in Tampa and the surrounding areas fell for the 16^th straight month and just over 1800 homes expired without selling or were withdrawn from the market.

The bidding wars continue, low priced Foreclosures in Tampa and the surrounding communities are being snapped up by investors in multiple offer situations, and even Short Sales in good condition are beginning to see quick, full price offers from those buyers that are willing to wait out the banks in order to get a nice home.

The short sale process still takes around 4 to 6 months on average, but that’s a far cry from the 8 to 14 months they used to take and buyers are a little more optimistic about getting an answer in a reasonable time frame.

The Monthly Stats:

Pending sales increased for the 3^rd month in a row, up by nearly 1000 homes from last month.

60% of the homes under contract are short sales.

Only 8% of the Short Sales under contract last month actually closed highlighting again the slow process and struggles involved in these types of sales.

The number of foreclosures in Tampa Bay available for purchase declined and there were only 834 Banked owned properties for sale at the time research was done.

Most people tend to believe that the Tampa Bay area is flooded with foreclosures, but the fact is they represent a very small part of the available inventory. They did account for 14% of all home sales during the 30 days tracked.

Short Sales accounted for one fifth of all closed transactions bringing the total percentage for distressed sales to 34%, over a third of all sales. That number was closer to half of all sales this same time last year.

Overall, it seems that the Tampa Bay housing market is moving steadily if the right direction.

Just Listed!!

Tony Delgado — Mon, 26 Mar 2012 20:34:00 GMT

Tony Delgado | Homeward Real Estate | (813) 493-0882

11743 Colony Lakes Blvd, New Port Richey, FL

Fantastic Home on Beautiful Conservation Lot

4BR/2+1BA Single Family House

offered at $139,900

Year Built	2007
Sq Footage	2,858
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	6,943 sqft
HOA/Maint	$90 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Walk-in closet
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Breakfast nook	- Granite countertop
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Playground

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8
Photo 9	Photo 10

Contact info:

Tony Delgado

Homeward Real Estate

(813) 493-0882

For sale by agent/broker

Equal Opportunity Housing

Posted: Mar 26, 2012, 11:32am PDT

Tampa Bay Short Sales-Is there hope for a faster process?

Tony Delgado — Sat, 24 Mar 2012 18:37:00 GMT

An agreement built in to the $25 billion settlement made with 5 of the nation’s largest mortgage servicers as a result of their fraudulent foreclosure practices may increase the speed and handling of short sale offers submitted by underwater homeowners. There is a credit that will be applied to the fine they must pay for each Short Sale approved. Industry experts are expecting to see an increase in short sale approvals because lenders and loan servicers are able to get this credit and reduce the amount of the fine they are being forced to pay.

All totalled, the settlement requires the mortgage servicers to pay $5 billion in fines and commit to a minimum of $17 billion in homeowner relief, including principal reductions. Another $3 billion is earmarked for helping underwater borrowers refinance.

In an effort to push the loan servicers to work hard and fast at approving a short sale, the thought was adding this incentive to the settlement agreement might give the Banks a good reason to approve these types of sales at a faster pace. This could lessen the number of foreclosures that hit the market and help improve the stability of our real estate market. Banks are also required to forgive a portion of the homeowners debt which helps relieve an additional burden of the person who is losing their home.

Unfortunately, this is only expected to help a small number of homeowners who owe more their properties are worth – somewhere around 1 in 20, but there is some hope that this will help bring certainty back to housing markets across the U.S. by removing one of the obstacles that have kept homes stuck in the foreclosure pipeline for years in some cases.

According to the Wall Street Journal, allowing debt forgiveness on approved short sales to count against the required $17 billion in principal reductions helped secure a settlement that will reach more borrowers.

The settlement is also expected to increase foreclosure activity, because the servicers and lenders now know what they can and can’t do. Part of that increase will also be among loans that don't meet the criteria of the agreement and don't allow for a credit to the mortgage servicer.

Short Sales in the Tampa Bay real estate market represent almost a third of the homes available for purchase, and 61% of all properties under contract.

Eliminating that inventory would go a long way towards a full market recovery in our area and start driving prices in a positive direction in all neighborhoods.