Foreclosures starting to pop up

[Nadia Daggett]

Presently, I've noticed a surge in foreclosures emerging in Tampa Bay. I'm curious if this uptick is due to many investors being involved in hard money loans and now facing the need to refinance, unexpectedly encountering significantly higher interest rates compared to a few years back. Are you observing a similar situation?

[Osazee Edebiri]

Quote from @Nadia Daggett:

Presently, I've noticed a surge in foreclosures emerging in Tampa Bay. I'm curious if this uptick is due to many investors being involved in hard money loans and now facing the need to refinance, unexpectedly encountering significantly higher interest rates compared to a few years back. Are you observing a similar situation?

Definitely starting to see them, I have helped clients purchase a few. However, I don’t think you’ll be as bad as some people are thinking, especially since the market is shifting and interest rates are trending down. More buyers will come into the market, which will end up bailing out those who are close to foreclosure, but just need to survive till their properties purchased.