Tampa Bay, Florida Foreclosure Forecast

Today we sat down with housing marketing analyst Randy Patrick of WestBay Asset Management. Check out a very informative interview we had with housing marketing analyst Randy Patrick of WestBay Asset Management. View our discussion about one of the hottest markets in the real estate market, Tampa Bay, Florida. Listen to what the experts have to see about this years housing market.

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Transcript

TJones - Hello, everyone. My name is Tim Jones with Foreclosure.com. I'm here with housing market analyst Randy Patrick. Randy, thank you for taking the time to speak with us today.

RPatrick - Hey Tim, my pleasure always happy to talk about the real estate market.

TJones - Great! As a real estate multi-family investor. Can you give us a little background of your real estate history?

RPatrick - Well, primarily, I've been in real estate since 2003 as an investor. I became a licensed real estate broker in the state of Florida in 2006. I guess you could say I've done a lot of different things in real estate. But what I've focused on since the last housing crisis and even up until now and hoping to regenerate all this; Is really the distressed property market, particularly the foreclosures and even drilling down deeper into the short sale market. So really where we tend to do our most work is helping homeowners, you know, solve their foreclosure issues by utilizing, you know, the short sale to stop the foreclosure and get them out of a mess.

TJones - Awesome. It sounds like you're the perfect person to speak with about the housing market. Based on how 2023 has started, what are you currently seeing in the real estate market, along with distressed assets like foreclosures, and what are your expectations for the rest of the year?

RPatrick - Well, the housing market is kind of stalled right now. It's slowed down, and buyers are leaving the market. They don't want to pay the exorbitant prices and the high-interest rates. So, the sales are down to all-time lows, which is unfortunate for the market. But what we're really seeing here is the housing correction going on right now. With the distressed assets, we are now seeing more daily foreclosure filings increasing. We're seeing more foreclosure auctions being set. So that activity, which you know was kind of choked off during the pandemic because of the foreclosure moratorium, is all coming back now. So even though we're not up to, as they say, pre-pandemic levels of foreclosure activity, we're getting there, and the interesting part about this business is that nobody's doing it. Real estate investors don't really go after these on mass, real estate agents ignore this marketplace, but again, it's almost like we're seeing a repeat of the 2008 housing crash because, you know, all this is going on in the marketplace. Yet, no one is considering the foreclosure waves or volume that's coming. And that will happen in 2023; as said, we're already seeing increases now as the year goes on and beyond; we're going to see a lot more foreclosures hitting the market, being filed, being available, etc. 

TJones - Randy, How do you utilize foreclosure.com to search and find deals?

RPatrick - Well, Tim, it's interesting because, you know, it's all about the data. You have to have quality data to find distressed homeowners and then use that to contact them. So really, if you think about it, you know, every day, someone is getting to a foreclosure filing, someone's having an auction scheduled, someone's losing their property in a foreclosure auction. So, really, the data is critical..... I'm looking at your data every single day.... I'm summarizing by county, by city, by zip code. Whatever I need to do to basically identify the targets and the homeowners I want to help and go after to see if we can work short sales with them.

TJones - That's very valuable; thank you.

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