We currently live in Michigan and we are moving to Fla. in May of this year. My question is why are there so many foreclosures and short sales in Spr

Asked by julie_bradford, Spring Hill, FL Wed Feb 27, 2013

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Fred Strickr…, Agent, New Port Richey, FL
Wed Feb 27, 2013

Great to talk to another Michiganite! I have been in Florida since 1988 but still have family in Michigan. To answer your question, and being a real estate broker who has experience in bank owned sales and short sales, Spring Hill is not the only area in the Tampa Bay region that has been hit with a large market share of foreclosures and short sales. Even though we are starting to see prices edge up in many neighborhoods in the area, there was a lot of equity lost during the housing crisis and many homeowners are still underwater and have justifiable financial hardships that necessitate a short sale. Short sales continue to grow in market share, while foreclosures have been on the decline. Most banks are now in favor of foreclosure alternatives at this point. It is still going to be years before we are able to get back to pre-housing crisis pricing and a lower number of short sale listings. Now is a good time to be buying since you can still take advantage of lower interest and prices, both which have been moving upward in recent months.

I would be happy to help you find a great home at a great value. My contact information is a link away in my Trulia Pro profile. Just give our office a call, and anyone will be happy to assist you.
1 vote
Chris Kuhlman, Agent, Clearwater, FL
Wed Feb 27, 2013
Hello & greetings from the Suncoast of Florida Julie, My son Chris & I are office partners and treat our clients like family. We are known as the "Team with Heart" because we put our whole heart into helping our clients. We moved here from the midwest in 1981 and we're really glad we did. Once you settle here, you'll find one of your favorite pass times is going to the beach & getting sand between your toes. We can offer you a free web site that would give you all the available homes in the entire mid florida area. As you read some of the other answers you'll get a sense that Realestate has changed a bit from a year ago. We would be happy to be your Florida connection, just email us or give us a call. Sincerely, Larry & Chris Kuhlman 727-785-9783 dir. line 727-418-1113 Larry's cell or 727-542-8600 Chris' cell larrysue.teamwithheart@tampabay.rr.com sold.realestate@yahoo.com
1 vote
my husband and i are hoping to move to this general area from indiana and really are amazed at the low prices for the amount of home,,, a little leary... we love some of these homes for around 50000-75000; can't get anything like these up here!!!
Flag Thu Mar 7, 2013
William Moff…, Agent, Spring Hill, FL
Wed Feb 27, 2013
Hi Julie,

In the mid 2000's we as well as everywhere else there was a housing boom, here home were being built at an alarming rate, and homes were seller at very high prices. then the boom ended as well as all the builders jobs. unemployment levels increased, and people could not afford their homes anymore. There fore resulting in A lot of Foreclosed homes and Short Sales. right now we are in the recovery stage, homes are selling fast again, but prices and interest rates are still on the low side ( but coming up quickly). Our inventory is very low and home that come on the market that are priced right are selling in days. The Market changes every couple of years in all areas not just ours. I am sure if you researched other areas in different states you would find very similar results.
If you have any questions about the market or our area, Please feel free to give me a call. And if you are interested in a website to search for homes that is continuously updated please call me and I will set that up for you.

Bill Moffitt, Buyer Specialist, Keller Williams Realty Spring Hill
352-688-6500 office
516-449-6786 cell
1 vote
Fred Strickr…, Agent, New Port Richey, FL
Fri Mar 8, 2013
Hi Julie,

I posted a message earlier that answered your questions. Have you been able to find a home yet? You mentioned that you were moving to Florida in May, and I was unsure whether you already found a home or are looking for a home.

Our team would be happy to assist you.

If you have already found a home, congratulations and I hope you enjoy living in Florida?


Fred Strickroot
0 votes
Donna Kempin…, , Tampa, FL
Thu Feb 28, 2013
Contact me with all your real estate questions. I am from Michigan also.
0 votes
Yanoska Diaz, Agent, Miami, FL
Wed Feb 27, 2013
Because the Borrowers defaulted on their mortgage payments. Welcome to beautiful sunny Florida!
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Feb 27, 2013
I'm guessing because a lot of the snowbirds from here in Michigan (and elsewhere) bought vacation homes and/or investment properties down there. When the economy got bad and property values dropped like a rock, these homes became luxuries that not everyone could afford. Many homeowners chose to walk away or try to negotiate a short sale.

One man's trash is another man's treasure, so you should be happy that it's going to cost you less to purchase a home down there when you move.

Best of luck!
0 votes
Team Lopes, Agent, Spring Hill, FL
Wed Feb 27, 2013
Hi Julie,
By now you got some answers to your question but the inventory is finally moving here in FL.
If you decide to buy and get a list of homes available in the area emailed to you please contact me directly at:
Cell# 352-238-4809
Email: PaulaLopesFloridaRealtor@gmail.com
Have a great Day.
Thank you,
0 votes
Peter Lee, Agent, New Port Richey, FL
Wed Feb 27, 2013
Times have been difficult for homeowners nationwide in the last few years. States where people actually wanted to live were hit even harder due to a booming real estate market. Surely you have seen that in Michigan as well. The top ten states for foreclosures are Florida, Nevada, Illinois, Arizona, Georgia, Ohio, Washington, California, Indiana, and rounding out the top ten is the Wolverine State- Michigan.

The good news is that all those foreclosures and short sales present a real opportunity for savvy buyers. Let me help up take advantage of some great values. Contact me soon!
0 votes
Gregory Uzzle, Agent, Spring Hill, FL
Wed Feb 27, 2013
it is that way everywhere
0 votes
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