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Orlando Home Foreclosures Still Dominated Home Resales



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By : John Cutts    99 or more times read
Orlando home foreclosures still dominated home resales in January this year despite an 18-percent month-over-month drop in foreclosure filings, based on data from the Orlando Regional Realtors Association and a California-based research firm.

Despite the drop in filings in January, foreclosure properties sale and short sales still accounted for a staggering 73 percent of overall home resales in Orlando, pushing the median sales price to only $103,000, down from the December 2009 median of $120,000. The January median did not even hit half of the $264,436 price median reached in July 2007.

In January, the Orlando metro area, which covers the counties of Orange, Lake, Seminole and Osceola, had a total of 6,282 foreclosure postings, down from the 7,692 posted in December 2009, but up from the 5,193 posted in January last year.

The number represented one household out of every 143 housing units in the area and made metro Orlando the tenth metro area with the biggest rate of foreclosure in the country despite its 18-percent month-over-month decline rate.

Home foreclosures in Florida also slowed, but the statewide rate was still the fourth highest rate in the country, with one foreclosure filing out of every 187 households in the state.

According to members of the Orlando realtor association, total home resales increased by 66 percent to 1,742 units in January compared to resales in January 2009, but the still large number of Orlando home foreclosures pushed their total dollar sales down.

About 50 percent of resales were foreclosed homes and about 25 percent were short sales. The sales price median for foreclosures plunged to $69,550 and the median price for short sales fell to $115,000.

The pace of short sales increased as more distressed homeowners tried their best to negotiate them with their lenders to avoid foreclosure. Nearly 3,600 short sales agreements were started in January, marking a 57-percent rise from January 2009.

Homes for sale, whether new, pre-owned or foreclosed, spent fewer days on the market in January, staying on the market for 90 days, compared to the average of 103 days in January 2009. Additionally, homes were sold for about 94 percent of their listing prices, an increase from about 93 percent in January last year.

In January, the total number of homes available for sale in metro Orlando surged by 362 units, pushing the total number of residential units for sale, including Orlando home foreclosures, to a total of 15,911 units. Realtors said that the current supply can be sold in 9.1 months at the current sales rate.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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