Tampa working through foreclosure glut

Real Estate Market Report

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Metro Tampa-St. Petersburg saw existing-home sales in September climb 10 percent from a year ago in an extremely tight housing market. Like most of Florida, the Tampa Bay regional market continues to grapple with sagging home prices and a glut of distressed properties.

In Tampa, more than half of homes with mortgages were either underwater or close to being upside down with negative equity in the second quarter of 2011, according to CoreLogic, a real estate research firm.