The real estate market in Pinellas County, Florida (St. Petersburg, Clearwater) is similar to many parts of the country - lots of inventory, fewer buyers and flat or dropping prices. More details are on my website. Hurting the most are speculators that bought preconstruction. I had a neighbor e-mail me yesterday asking to help them avoid a foreclosure - they bought a preconstruction townhouse in MiraBay, over in Apollo Beach, closed on it nearly a year ago and have had it on the market with a local agent there, but have had no buyers.
When the market says your home is worth less than you paid, and there's no buyer, you have three choices to avoid foreclosure:
1) sell at a loss;
2) rent, with negative cash flow;
3) pay the mortgage, insurance, taxes, homeowner fees, utilities and maintenance and wait for the market to improve enough to absorb all the inventory.
The good news for our area is: it's a great time to buy.
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