A new industry report places Orlando first in its list of cities and metropolitan areas with maximum foreclosure activity for the month of March. The number of foreclosure filings in the Orlando real estate marketplace increased by 13 percent in comparison to the figures from one month earlier (February 2014).
According to some Orlando realtors, the March foreclosure figures also bear another distinction. With a total of 2,886 foreclosure listings in the community, the March figures represent a nine-month high.
But Orlando real estate agents are not worried. The figures are still lower than they were at the same time, a year ago. Further, as noted by a majority of the top Orlando realtors, the business hasn’t slowed down for the residential real estate community of Orlando at least.
Foreclosure trends around Orlando
Orlando’s number one position in the foreclosure activity charts contributed to Florida’s status as the state with the highest density of foreclosures. While the national average lay at one foreclosure for every 1,126 homes, Florida saw one foreclosure in every 407 houses on an average.
Metropolitan Orlando led other cities and metropolitan areas in the state with one foreclosure action in every 326 homes. The numbers present a grim situation no doubt, but not when compared with statistics of previous quarters and years. Orlando’s March 2014 foreclosure rate is lower than the rates of March 2013. This also marks the third consecutive quarter when Florida’s foreclosure rates have decreased.
Cities and counties around Orlando have seen their own ups and downs in foreclosure activities. The biggest hike in foreclosure activities was experienced by Polk County. With 786 foreclosure filings in March 2014, the rates went 15 percent above those in February 2014 and 28 percent above those in 2013.
Realtors Not Worried About Increasing Foreclosure Activity
Several years ago, real estate agents in Orlando were soliciting business from property owners who were just beginning with the foreclosure process. However, the trend has changed of late and realtors no longer depend on “foreclosing owners” for business. Realtors have enough business in their hands, further proof that increasing foreclosure activity will not slow the market.
Residential real estate buyers have witnessed an increase in their home buying confidence. The inventory shortage has been softening since February 2013. Banks have become lenient with their mortgage lending and Americans have seen a reduction in their unemployment rates. Add to it the several new construction projects underway in Orlando and you have all the reasons why home buyers are undeterred in their purchasing.
The spring buying season has just begun. And if you’ve been waiting for an opportune moment to purchase property, now is the right time.
