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Orlando Foreclosed Homes for Sale Still Rising, Prices Falling

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By : John Cutts    99 or more times read
The number of Orlando foreclosed homes for sale is still increasing as unemployment continues to push more defaults and foreclosures. As a result, home prices are not improving, but instead, are continuing their downward path.

According to Fiserv analysts, home prices will fall further by double digits through the July to September quarter this year. If prices surge in the final quarter, the rate of increase will be minimal, according to the analysts.

In February, the median price for all pre-owned houses sold in the Orlando metropolitan area was $109,200, a substantial drop of 26.7 percent from the $149,000 median in February 2009, based on sales records from the Orlando Regional Realtor Association.

As more people and investors came to know of cheap homes in Orlando, pending sales, new sales contracts and sales closings all increased in the metro area in February compared to sales figures in February 2009. New sales agreements surged by more than 66.1 percent, pending sales soared by a whopping 117.6 percent, and completed sales increased by 39.7 percent.

With buyers focusing their investment money on bargains, Orlando foreclosed homes for sale and distressed sales accounted for 70.1 percent of all homes sold in the metro area in February.

Florida economists like David Stiff and Stan Smith said that more people will get attracted to foreclosure investments in Orlando due to the low prices and the record number of properties in the Multiple Listing Service and other area listings.

In February, 6,823 homeowners in the Orlando metro area got hit with foreclosure filings, the 12th highest number among those posted by more than 200 large metropolitan areas in the country.

In Orange County, where Orlando is the seat of administration, a total of 3,513 homes were notified of default or foreclosure, a 4.2-percent jump from notices posted in February 2009.

Filings of foreclosure cases in Osceola County increased month-over-month by 10.5 percent while filings in Seminole County increased from the preceding year and month by 42.3 percent and 18.5 percent, respectively. Filings in Lake County also increased month-over-month by 10.3 percent.

In addition to the 12.4-percent unemployment rate of metro Orlando, the other factor that will continue to drive home prices down and more Orlando foreclosed homes for sale is the sharp decline in population in Orlando. Residents have been moving out of Orlando for the past two years, according to Associated Press analysts.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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