Q1 2008 Mortgage Statistics for Florida and Tampa Bay

The results are in for the first quarter and it is not a pretty picture on the foreclosure front here in Florida or for that matter the Tampa Real Estate Market.

Two reports this week that are interesting depending on how you can decipher the content ? The first report is by Trans Union. They put together a trended analysis report that reviews 2007 fourth quarter data to compile their latest statistics and then forecast for 2008. They are reporting that Florida delinquent mortgages have increased by 34 %.

The top three areas showing the largest growth in delinquency from previous quarters are Florida at (34 percent), California (33 percent) and Arizona (32 percent).

“The market continues to see the effect of the mortgage crisis in the steeply increasing mortgage delinquency rates among borrowers across the country,” said Keith Carson, a senior consultant in Trans Union’s financial services group.

The national 60-day mortgage borrower delinquency rate is expected to continue to rise throughout 2008 from a value of nearly 3.0 percent in the 4th quarter of 2007 to 4.0 percent or greater by year end.

On another note: Realty Trac released their quarterly report on the U.S. Foreclosure Market which states that “Foreclosure activity has increased by 23 % in the first quarter of 2008.” They are reporting that Nevada, California, Arizona posted the top state foreclosure rates.

“Foreclosure filings were reported on 87,893 Florida properties during the first quarter, the second highest state total and giving Florida the nation’s fourth highest foreclosure rate — one in every 97 households received a foreclosure filing during the quarter. Foreclosure activity in the state was up 17 percent from the previous quarter and up 178 percent from the first quarter of 2007.”

“The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 8 with one in every 73 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 included Orlando at No. 13, Miami at No. 14 and Sarasota-Bradenton-Venice at No. 15. The foreclosure rate in Tampa-St. Petersburg-Clearwater ranked No. 21.”

So this actually shows that the Tampa and St. Petersburg Real Estate areas are faring a bit better on the over all State level.

While the numbers on a whole do not look too promising, this is still a positive note for the Tampa Bay Area Housing Markets, and once again affirms the prediction by our States Economist that Tampa Real Estate markets will recover first starting with Pasco County.

If you want to find out specific information on Foreclosure statistics in your area and or find out which homes are in foreclosure or are on the auction list, you can go to RealtyTracs home page, click on the interactive map. For example click on the US Map, in the Florida area, this will then pull up a State Map where you can enter in a specific county. For example Pasco County and then click on search.

You will then be presented with the break down of total number of homes in pre-foreclosure, auction, bank owned etc. You can gain some pretty good information for free however, to see specifics on taxes etc you have to have a paid membership. The site looks complex but is fairly easy to navigate. Check back tomorrow and I will post a quick video over-view to walk you through the process.

Related Posts:

Florida’s indifferent real estate market in Tampa…huh ?

Exisiting home sales bottom still elusive

Buy your home in Florida NOW

Newspaper ads for listings a dying breed

New Report by media experts Borrell Associates Inc.forecast the demise of newspaper advertising as one of the staples for Real Estate listings.

“Real estate brokers and agents will continue to devote more marketing budgets to online media. This year they will spend $2.6 billion on online media and by 2012 online will topple newspapers share“.

This is indeed interesting and backs- up what many of us in the NEW Media segment have been preaching to the old guard. There is a change in the wind and it is happening much sooner and faster than Real Estate Agents and Brokers will be happy with.

I have posted several articles over the last few weeks discussing the merits or the lack thereof, pertaining to Web 2.0 adoption by the Real Estate industry as a whole, and in particular how NAR has responded at their recent convention in Vegas. (NAR members with Ostrich syndrome on Web 2.0 ) (National Association of Realtors details 10 Year Plan)

Many in the Real Estate industry still fight this notion as one recent commenter said, “The Internet is a a powerful tool as we all know, but I don?t think we can completely discount the amount of buyers that search the newspapers still these days. The paper in my market has an excellent real estate section every Sunday. I generate a lot of calls from classified ads so I know they are still reading. You have to keep things diversified.”

While this may be true today, the statistics show a rapidly declining market for newspapers and an incremental rise in-online advertising. As the Baby Boom generation completes their last home purchases, the next generation, X, Y and ?? will be accustomed to using the Internet.

Borrell’s report also forecasts; that online advertising revenue will grow by 12.4 % in 2008 and print ad spending will continue to decline at an accelerated pace. The print advertising medium is expected to shrink by as much as 16% in 2009 increasing to 13% in 2010. Online real estate advertising will have surpassed print by 2011.

The writing is on the wall and as Zillow makes agreements with Newspaper companies for add sharing revenue it is apparent they know this too is coming.

So if you are one of the ones still sitting on the fence and wondering why you should even bother with taking your advertising online, or investing the time to learn about blogs ? I think this is your call. If this pans out, that means that you would have about 3 years to get up to speed. Meantime the early adopters will be taking valuable market share that you knowingly gave away.

Technology can be daunting, but their is a lot of help in the market with more on the horizon. If you approach the inevitable change with openness and embrace it, you will find yourself much better able to handle the questions you will surely get from prospective clients inquiring about your approach to media advertising and your online presence.

I think the days are fast approaching when simply being an expert in your area of the Real Estate community is not enough. You also have to know how to market yourself and your expertise in the new medium. Not because I or any other media pundit says you should. The real drivers for adoption will be your customers, who will demand it.

Related Posts:

Are Florida Realtors up for the challenging time ahead ?

National Association of Realtors details 10 Year Plan

Zillow Newspaper advertising alliance – So What ?

NAR members with Ostrich syndrome on Web 2.0