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Orlando Area Foreclosures Continue to Increase

By January 26, 2009

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According to Realty Trac Inc., the metro Orlando area ranks number 7 in the nation for worst foreclosure rates in 2008. With Fort Lauderdale holding the number 6 position and Miami at number 8, it's no wonder that Florida as a whole is ranked as having the second highest foreclosure numbers in the nation.

The following counties are included in the metro Orlando area foreclosure figures for 2008:

25,524 Orange
10,529 Osceola
10,251 Polk
10,274 Brevard
6,076 Seminole
8,794 Volusia
4,714 Lake

So, do you think now is a good time to purchase a home?

The Orlando Regional Realtor Association is showing that inventory has dropped slightly in the last year from 24,298 in December 2007 to 22,524 in 2008. During that same time period homes under contract more than doubled with an increase from 1,559 in 2007 to 3,265 in 2008.

What has your experience been with this foreclosure market? Are foreclosed homes difficult to get under contract? Have you personally gone through the foreclosure procedure? Any tips or advice you can share? Post your comments below.

Comments
January 17, 2010 at 6:05 am
(1) Orlando Area Homes says:

I thinks we should think twice to buy now

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