foreclosure homes

Saint Petersburg foreclosure homes are causing concern. It is part of the wave of foreclosure homes sweeping across USA. Florida has been one of the worst affected states and as such it is no surprise that there are so many Saint Petersburg foreclosure homes dotting the landscape.

St. Petersburg is located in Pinellas County in Florida State. It is a famed vacation spot for North Americans and Europeans. St. Petersburg is the fourth largest city in Florida in population count. In the Tampa Bay region it is the second largest metropolis. St. Petersburg is referred to as St. Pete or sometimes as The Burg. The city sits on a peninsula jutting between Tampa Bay and the Gulf of Mexico. Arching bridges connects it with Tampa city and Bradenton.

Pundits analyzing Saint Petersburg foreclosure homes will find demographic figures useful. There are 71% Whites and 22% Blacks. Considering the ferocity of foreclosures in this region it cannot be said that demographics played an important role in deciding the numbers of Saint Petersburg foreclosure homes. The proliferation of Saint Petersburg foreclosure homes has been a shock to many retirees who had planned on spending their last years in this paradise on earth.

The increase in Saint Petersburg foreclosure homes and the easy availability of cheap houses in the Tampa Bay area has attracted house hunters from Australia – a continent 9,000 miles distant and nine time zones far from Tampa and St. Petersburg. The general rush of buyers from Europe continues as they hunt for bargain deals with banks offering heavy discounts for Saint Petersburg foreclosure homes.

One of the Australians knocking on the doors of St. Petersburg Times is septuagenarian Peter McNally. He was making enquiries about real estate. Together with his sons Jason and Damian he wants to set up an agency for Australian real estate investors. For this they are planning to scoop up handfuls of foreclosed homes in bulk that are selling for peanuts. The Australian dollar right now has more muscle than its America counterpart. This gives zest to their buying power. The housing market in Florida is right now cheaper than that of Brisbane. Apart from Florida they are eyeing the housing market in Detroit – another area ravaged by foreclosures and unemployment.

McNally explains that the construction section in Australia is weaker than USA and this has hiked up property value down under. The credit laws are tougher too. In Australia one cannot walk away from mortgages as is often happening in America. This has made St. Petersburg a happy hunting ground from visitors from kangaroo land.

Search Florida Foreclosures by City

Related tags

Nobody landed on this page from a search engine, yet!

We suggest you to read about: