Orlando Foreclosures: No Impact on Economic Growth

by Donald Hanz on cities

Despite the foreclosures situation in most metropolitan areas in Florida, including Orlando, economic growth is not hurt according to the Institute for Economic Competitiveness Director of the University of Central Florida. The institute reported that by the year 2036, the gross metro product for the Orlando area will reach $272 billion. While statewide, gross product will be $3.7 trillion.

Experts from the institute also believed that in order for the state’s economy to take off, a situation that includes high fuel costs and sluggish housing market is required. For the first quarter of this year, Orlando had the 33rd highest foreclosures activity among metro areas. There were 4,010 foreclosure filings or one filing for every 172 homes. Florida, on the other hand, recorded 21, 704 filings but only 1,521 homes in the real estate owned stage. The state currently has the fourth highest foreclosures rate.

With such promising economic outlook, buyers and investors are looking to these Orlando bank foreclosures for sale for potential investments. Right now, the market is clearly favoring buyers especially with the low home prices and reasonable interest rates. Sellers are trying to offer more discounts as well as other incentives like shouldering closing costs, in order to reduce the number of foreclosed properties they have in their inventories.

Of course, the thousands of Orlando bank foreclosures for sale mean more housing units to choose from. Most of the sales activities are actually generated by first-time buyers looking into single-family units, condominiums and beach-front properties. Their purchases are often assisted by foreclosure experts like Bank Foreclosures Sale. Although these properties stay in the market for as long as 120 days, you can expect the market trend to improve especially with the expected population growth brought on by good economic news.