Orlando Real Estate - Blog

Orlando No. 10 on foreclosure list

The Orlando area and the Sunshine State ranked among the highest areas for foreclosure rates in April, according to RealtyTrac’s most recent report.

The Orlando market notched the 10th highest foreclosure rate among the nation’s largest metropolitan areas, while Florida overall had the second highest foreclosure rate with one in every 135 homes receiving a foreclosure filing in April.

Florida’s foreclosure rate, which was 37 percent higher than March’s rate, was more than 2.7 times the national average. Bank repossessions totaled 6,114, down 7 percent from the previous month, but default and auction notices were considerably higher, the report said.

Only Nevada posted a higher foreclosure rate than Florida, topping the nation with one in every 68 homes receiving a foreclosure notice.

The Sunshine State also reported 64,588 foreclosure filings in April, second only to California’s 96,560 filings.

Nearly half of the 1,741 closings in April — 865 — were either bank-owned of distressed properties, the Orlando Regional Realtor Association reported May 11. Values, according to the association, continued to fall as the median price was $132,900, 37 percent lower than the same time last year.

RealtyTrac tracks more than 1.5 million default, auction and bank-owned listings from more than 2,200 counties nationwide.

Source Orlando Business Journal - Anjali Fulker

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Posted by Orlando Realty Experts on May 14th, 2009 6:26 PMPost a Comment (0)

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