What a heavy home . . . (Miami, Tampa: sales, foreclosures, mortgage)

[ASimmons]

I have lived here in Tampa since 2006. I have been a homeowner for about the same time. I've lost the job (in banking) that brought me down to Tampa and have struggled since then to bring in the same income. My sole investment readjusted its interest rate in the middle of last year. I scrape to make it every month, is the housing market really that bad? I'd like to know that I'm not the only one in Tampa REALLY experiencing it.

[DC2Tampa]

It's bad all over, not just the Tampa area. It's bad from a housing surplus here but other parts of the country are in far worse shape like post-boom Seattle, Phoenix, LA, San Diego, Miami, even as close as Sarasota, etc... It's being experienced in the housing(surpluses, foreclosures and falling values) and financial(failing institutions and mass layoffs) sectors all over the country and globally.

Unfortunately you purchased your home around the peak or just past peak of the high point of the boom in '05-'06. Just about all of us have been forced to cutback in someway and some of us are just scrapping by. Just gotta try to keep your head above water until the tide turns and do what you've got to do.

[Keeper]

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[SunsetBeachFL]

Is a roommate situation a possibility for you?

If you haven't already, you may want to consider filing an unemployment claim. I presume you're looking for work, presently. Therefore, meeting the criteria for unemployment compensation would not be a problem for you. They require you to provide information about your job search in order to qualify to continue receiving benefits.

Good luck to you!

[Nav]

Asimmons,
Don't get dishearted, you are not alone. I had a job transfer in the April of 07. At the time we were getting several showings a week on the house in Tampa. Naturally, we went ahead and bought a house in our new city, with a bridge loan to span the large amount of equity we had. 2 Weeks after closing on the new house, the US Media started screaming the sky is falling, which caused the buyers to all but dry up. We budgeted for 6 months of overlap. Its now been 22 months and the Tampa house has now been reduced to well below cost to build. Mine is a custom home on 2 acres, not a generic tract home so I'm in the "move up" market segment. Unfortunately for us, the payment on all 3 loans pretty much eats up every dime of the paycheck. All our living expenses have to go on credit cards since savings have been depleted and investments have tanked. We currently have both houses on the market and have about 4 months of available credit left.
But we are being optimistic since we know eventually one of the houses will sell. Its just a waiting game. I will say its been a humbling experience. Going from a good income to eating out only 3 times in the last 18 months. It makes you reflect on a lot of things!

Hang in there, it will get better.

Now for the good news...Existing home sales for December were up over 6%. In November, it rose as well. The housing market in Tampa has pretty much bottomed out. The exceptionally great deals are few and far between and if you look at the listing prices, things have pretty much stabilized. Forget the media, they sell sensationalism. Go to zillow.com and you can see the home prices have pretty much stabilized. With interest rates low, buyers are starting to slowly return to the market. I read in the paper today that there is a piece that received oral approval in the senate today to provide anyone who purchases a home a 15k tax deduction. That too, if passed, should spark the market a bit. Its now just a waiting game....

Nav

[ASimmons]

Originally Posted by Nav

. . .I read in the paper today that there is a piece that received oral approval in the senate today to provide anyone who purchases a home a 15k tax deduction. That too, if passed, should spark the market a bit. Its now just a waiting game....

Do you have a link to this article?? That looks like something I would like to send out to some of my friends here.

[tjax1000]

Originally Posted by ASimmons

Do you have a link to this article?? That looks like something I would like to send out to some of my friends here.

Tax break may boost home sales - Manchester- msnbc.com (http://www.msnbc.msn.com/id/29046717/ - broken link)

It is just one senate-proposed part of the Porkulus Bill. Seems like a waste of money to me. How many people are going to buy a house just because of a one time tax break? Lots of people would claim the tax break (probably myself included!) but this is only because those people were going to buy a home anyway.

All we need are more bait and switch tactics to trick people to buy homes that shouldn't be buying them. I'm concerned about anyone who decides to lock into 30 years of mortgage payments simply because of a one time tax break. Couple this with government trying furiously to "loosen up" lending practices, and you're going to have Billy McFly buying his McMansion today.... and housing bubble collapse #2 tomorrow.

The reasoning is, I suppose, that this will serve as a "nudge" to people on the fence about buying. I get that, and it might work in some cases. But, what percentage of home buyers are the on-the-fence type? 10%?

[Starr2009]

Nav, I'm new on here but we MAY be moving to Tampa. If we do, I'd like to check out your house. My husband was also 'down sized' here in VA and HOPEFULLY will be getting a position in Tampa. We lived in the area before he was career Navy.

[Starr2009]

[Sunscape]

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