Tampa, with a population of 300,000 is truly a unique American city. With its diverse population, warm climate and may cultural attractions it not hard to see why 15 million people want to visit every year.
Not long ago Tampa was the cigar-producing capital of the world. Now the economy has diversified and consists of a healthy mix of manufacturing, fishing, technology and tourism. Like the rest of the country for the last two decades Tampa experienced a dramatic increase in its real estate market. As the housing stock grew to accommodate the increased demand there was a corresponding increase in home values.
Sadly in 2007, like the rest of the country, Tampa got hit hard as the housing bubble burst and the mortgage industry imploded. The vibrant real estate market everyone had come to take for granted began to weaken and decline. The overall economy was shaken to its core as the American economy slid into a serious recession.
With the coming of the summer of 2009, things appear to have stabilized somewhat. There is encouraging information that comes out daily that seem to suggest we have reached the bottom. While that remains to be seen we are at least encouraged. It does indeed appear that the freefall is over but one never knows. Let’s keep our fingers crossed and get on with the work that needs to be done.
This brings me to the idea behind Tampa Home Mortgage. The ideas of helping people navigate unfamiliar real estate territory. Because, no matter how you slice it or dice it, or put the infomercial I can sell anything spin, the mortgage industry has changed drastically. The days of just sign the application -we just need a credit report and appraisal - you’re approved - are over. What has emerged is a government “sponsored” behemoth that consists of Freddie Mac, Fannie Mae, FHA and some bit players. It’s our humble opinion that as it is presently structured there is no way they can support the American housing market.
While nina, a-alt and jumbo’s may become a thing of the past or mutilated to the point of non-recognition. Products like tax credits for first time home owners and modifications come down the pike. It is with this fast moving ever evolving fact in mind that Tampa Home Mortgage wishes to be your resource that translates cutting edge mortgage information and trends for use in your growth and prosperity.
