Foreclosed Single Family Homes for Sale Inventory Declines in Orlando

by on cities

Inventories of foreclosed single family homes for sale and other types of residential foreclosures has eased somewhat in Orlando, Florida, as the metro area experienced a drop in nationwide rankings for areas with the highest foreclosure activities. Foreclosure-related filings also dropped from year-ago and month-ago levels.

Filings for foreclosed homes in Orlando in February 2011 totaled 1,980, representing a decline of 14% from January 2011. Compared with February 2010, the figure represented a huge drop of 71%. Local realtors have reported that foreclosure inventories have declined in the county, while more buyers are entering the market to purchase low-priced properties. Orlando has been consistently ranked in the top ten U.S. metro areas with the highest foreclosure activities. In February, however, the metro area dropped to 58th. One household out of every 458 housing units was under some form of foreclosure in the metro region in February of this year.

Meanwhile, foreclosures in Florida dipped to their lowest total in 46 months. February filings for the whole state were 18,760, down by 13% from the previous month and dipping by 65% from the same 2010 month. The highest number of foreclosure filings recorded in the state for a single month was 64,588 posted in April 2009.

Filings for foreclosed single family homes for sale and other distressed real estate in Florida last month were down by 71% from the April 2009 record high. Last month, the state was ranked eighth nationwide among areas with the highest foreclosure rates, the second consecutive month that it has gone below the top four. In addition, no Florida metro area was ranked within the top 20 U.S. regions with the highest number of foreclosures.

February was also the second consecutive month that no metropolitan areas of the state made it into the top 20. In 2010, nine of the 20 metro areas with the highest number of foreclosures for sale were in Florida. Analysts have claimed that the almost nationwide drop in foreclosure activities in February was mainly due to lenders taking more time to process foreclosure cases following allegations that they used faulty documents and robo-signers.

Local analysts have revealed that the depth of foreclosure differs from one area of the state to another. They reported that cities and towns with roads and transportation problems seemed to have a higher tendency to accumulate more foreclosed single family homes for sale and are slower to improve compared with other local areas.

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