CoreLogic has some great news for Orlando realtors and the real estate industry in general. The American business intelligence agency that provides financial and real estate information and analytics to businesses and the feds, reports that Orlando foreclosure rates reduced again in December 2013.
This brings in a ray of hope for real estate agents in Orlando who have been worried for quite some time due to the high rates at which properties in the city get foreclosed. Even with a decrease in the foreclosure rates in December, Orlando still sports foreclosure rates higher than the national average.
Orlando Foreclosure rate 3.65 percent down from same time a year ago
CoreLogic reports that 6.69 percent of residential properties in the Sanford-Kissimmee-Orlando area were slapped with foreclosure in December 2013 – 3.65 percent down from the foreclosure rate in December 2012 (10.34 percent).
CoreLogic, which trades on the New York Stock Exchange as CLGX also reported that the national average of residential-property foreclosures for December 2013 was 2.09 percent. Further, the report also revealed that homeowners of the Metro Orlando area had become more regular with their mortgage payments.
The delinquency rate dropped by 4.53 percent in December 2013. CoreLogic reported an 11.04 percent of mortgage payments coming in later than 90 days in December 2013. A year ago mortgage defaulters in the Metro Orlando area peaked at 15.57 percent.
As is the case with foreclosure rates, the Metro Orlando mortgage delinquency rates top the national average of 5.03 percent this year. Back in 2012, the rate stood at 6.40 percent for the same month.
Orlando Realtors Anticipate Improved Sentiments In Near Future
The health of a state’s real estate market greatly influences the health of the overall economy of the state. Listing agents in Orlando reveal that reduced foreclosure rates in Metro Orlando are promising news for the Orlando real estate market because it not only signifies that the housing market is improving, it also helps boost the values of other residential properties.
Add to it the fact that lowered foreclosure, as well as mortgage delinquency rates, are elementary proof that the market is less distressed and the financial status of homeowners is improving. You’ll know why real estate agents in Orlando are tying this news to the hopes of a stronger market and more buyer confidence in the near future.
