Orlando Foreclosures for Sale Still High, Despite Drop

by on cities

Orlando foreclosures for sale are still high in number despite a decrease in foreclosure postings in October, based on a foreclosure report released by a real estate research company based in California.

In October, the four-county Orlando metro area had 7,552 of its housing units in foreclosure, marking a one-percent drop from filings in the previous month but still higher than filings in October last year. In September, a total of 7,618 residential units were hit with foreclosure actions while in October last year, a total of 7,041 units received foreclosure notices.

According to the research firm, October was the second consecutive month that foreclosure filings dropped slightly in the Orlando metropolitan area. The decreases however do not necessarily show a trend, the researchers said. They contended that the decreases may just have resulted from delays in foreclosure actions from lenders which are trying to comply with the Home Affordable Modification Program or with state mediation programs.

Among the 4 counties that comprise the Orlando metropolitan area, Osceola showed the biggest drop in foreclosure filings, with a drop of 25 percent from September. Filings dropped by 3 percent in Lake; one percent in Orange; and also 25 percent in Seminole.

Nearby but outside the Orlando area, Volusia County posted an increase of 3 percent, with nearly 1,500 of its housing units receiving a foreclosure filing.

Compared to foreclosure activity in other Florida metro areas, Orlando foreclosures for sale ranked second only to the Miami metro area. With a foreclosure pace of one out of every 117 households, the Orlando area was 9th in a ranking of the country’s biggest metro areas based on foreclosure rates.

In the Miami area, nearly 18,000 residential units were hit with foreclosure actions, the highest in the state. The area covered by Tampa, Saint Petersburg and Clearwater was third, with more than 6,200 of its housing units in foreclosure.

Meanwhile, Florida ranked third in the country based on pace of foreclosure activity in October, with one out of every 168 residential units in foreclosure.

Nearly 52,000 households in Florida were hit with foreclosure actions, marking a six-percent drop from September this year and a four-percent decrease from October last year. Only Nevada and California had higher foreclosure rates than Florida. Nevada posted a foreclosure rate of 1 in every 80 units while California posted a rate of 1 in every 186 units.

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