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TAMPA — In the first three months of 2011, nearly half of all residential real estate sales in the Tampa-St. Petersburg-Clearwater metro area involved properties that failed to sell at a foreclosure auction, according to Clear Capital, a California-based research firm.
With 44.5% of all real estate sales coming from real estate owned by banks or government agencies (REO), Tampa home prices fell 7.4% from the fourth quarter of 2010 to the first quarter of 2011.
Over the year, Tampa's quarterly real estate prices fell 13%, Clear Capital estimates.
Nationwide, home prices are down 0.7% below the recent lows experienced in March 2009, suggesting the U.S. real estate market may be suffering from a double dip in price levels.
“With more than one-third of national home sales being REO, market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales,” explained Alex Villacorta, director of research at Clear Capital.
Tampa's quarter-over-quarter price drop was the 11th largest among major U.S. metros.
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