Housing market still precarious

It was reported this week by CoreLogic, a real estate research firm, that the Tampa Bay area is near the top of the largest 25 metropolitan areas in underwater mortgages ( the property is worth less than the value of the mortgage ). Over 41.1% of all mortgages in the Tampa area are upside down. This is an improvement against the last quarter's 44.4%. There are 255,925 upside down mortgages in the Tampa area. Nationally, 19.8% of mortgages were upside down in the first quarter, as opposed to 21.7% in the 4th quarter of 2012. The rise of institutional investors seeking rental properties seems to have banks releasing more distressed properties to meet the new demand. Some refinancing programs the government's HARP program are helping upside down owners to lower their payments and keep their homes. The real estate market continues moving ahead as these items sort themselves out.