Tampa foreclosure listings added two luxury homes from the millionaire row of Avila. One of the bank foreclosed properties is the Chateau de Chenes. The 19,000 square feet estate was foreclosed by the bank when its owners, Liz and Joe O’Connell defaulted on their mortgage after they moved to France.
The Chateau de Chenes mansion features eight bedrooms and 12 bathrooms for a price of $2.7 million. Industry experts said that smaller houses in Avila also fetch the same asking price.
The second property placed on Tampa foreclosure listings is a 5,500 square feet house, with an asking price of $855,000. Experts said that the house’s asking price is $140,000 lower than the cheapest home on nonforeclosure listing.
Industry experts said that many real estate agents are angry over the banks’ low asking prices for the two homes, accusing the institutions of ruining neighborhood stability. Experts said that even just two low-priced sale transactions could greatly deflate housing values and prices in the area immediately.
According to market data, there are 50 foreclosed luxury homes out of the 300 houses for sale in the area that are priced at the market’s cheapest. Industry experts said that low and middle-income families have lesser chance of being spared from the foreclosure crisis now that millionaires are also starting to lose their homes to foreclosures.
They added that foreclosure will always hinder the housing market recovery. The liberal advocacy group, National Consumer Law Center released a report stating that foreclosure prevention programs failed to make a dent on the foreclosure problem.
The report pointed out the shortfall of the U.S. Treasury which is responsible for the Home Affordable Modification Program of the Obama Administration. Similarly, banks are rejecting applicants for foreclosure mediation program without any explanation.
A government report stated that almost 230,000 distressed homeowners reduced their mortgage payments with federal help since last March. The figures are far behind the nearly 3 million homeowners eligible for mortgage modification.
In Tampa Bay area, the number of foreclosure filings dropped by 14 percent last month. This is in sharp contrast with Florida foreclosure filings which rose to 62,401 last month, representing a 10.5 percentage point increase from the almost 56,486 properties on some kind of foreclosure proceedings in July.
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