As of November 2008, Tampa real estate market has plateaued. Despite the abundance of foreclosures in Tampa, the prices of homes seem to have stabilized. I talked to an apparaiser in Wachovia and he said the bank does not require adjustment for depreciating values any longer.

In fact, homes in most popular areas seem to even go up in value. For example, I've seen prices for waterfront condos in South Tampa go up a notch, as well as for homes in some other parts of South Tampa real estate. Many home buyers who have been waiting on the sidelines are coming out and starting to buy.

I see a couple of reasons for pick-up in demand. First, the home prices have gone down 30-50%, making homes affordable for first-time home buyers. Second, people want to lock in the low interest rates, realizing that getting financing may get tougher in the future. Whatever the reason is, let's hope this trend continues.