Orlando distressed homes for sale are still among the highest in percentage in the country in a report recently released by a major real estate firm. With one foreclosure case filed for every 24 residential units in the area in the six-month period from January to June this year, Orlando ranked eighth in foreclosure pace among the more than 200 large metro areas in the country. A total of 37,352 homes in Greater Orlando entered foreclosure during the period from January to March.
Similarly, the percentage of distressed properties for sale in Florida in the first half of this year again put Florida among the states still struggling from foreclosure postings. Florida again ranked third in percentage of foreclosure in the first six months, with one default or foreclosure notice for every 32 residential properties in the state. The state rankings in May were similar, as Nevada was still on top of the foreclosure chart, followed by Arizona. California was still fourth, but showed a substantial decline in foreclosure activity.
A substantial percentage of Orlando distressed homes for sale in the first half were located in Seminole County, as foreclosure postings in the area increased by six percent at a time other areas in the region decreased by 14 percent. Local analysts said defaults have been rising in Seminole because of the larger amounts of mortgage loans in the county. At the start of the crisis, owners of these higher-cost homes were able to weather the housing meltdown, but as the recession persisted, these owners began to get affected adversely.
In Seminole, a total of 6,343 housing units entered lists of distressed homes and foreclosed homes in the first six months, an increase from a little over 6,000 in the preceding six-month period and from 4,685 during the same period last year.
Of the more than 37,000 units that entered foreclosure in the region in the first half, a significant percentage were posted in listings of Orlando distressed homes for sale as more troubled homeowners preferred short sales over foreclosure.
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