Orlando Bank Foreclosures Have Hit Hard
Orlando is one of the visibly popular cities in the state of Florida as far as tourism is concerned but now it is a new market for buying foreclosed homes. The rate of Orlando bank foreclosures are increasing at such a rapid rate that some people say that soon the Disney Kingdom will also feature in the foreclosure list. It is a far fetched thought but at the same time it goes on to show how much foreclosed houses have affected homeowners.
The high rate of foreclosures in Florida ensured that the state was ranked second in the country. The number has gone up in a span of one year and was recorded to be 279,000 in 2007, which is a stupendous increase of 275% since 2006. At this rate, 2008 is not being seen as a promising year and maybe there will be a two fold increase in the rate of Florida foreclosure listings according to some experts.
One of the main contributors to Orlando foreclosure homes is Orange County where homeowners have started to miss most of their mortgage payments due to an unprecedented increase in interest rates. As the housing market slumped in 2007, bank foreclosures in Orange County doubled leaving homeowners low and dry. In November of 2007, banks in the county sent 665 notices of default to homeowners, which is again an increase of 125% as compared to only 11% in October 2006. This was the highest ever in a particular month in almost 7 years.
The high increase in the number of Orange County foreclosure homes has not spared the poor pets that have been left behind by their homeowners. In the last quarter of 2007, almost 700 pets were rescued and include cats and dogs deserted by their homeowners after foreclosure.
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