According to a recently published report, Orlando holds the 7th position across the nation when it comes to the rate of foreclosure properties. With Miami and Fort Lauderdale also in the top ten, Florida is at the 2nd spot when it comes to State rankings.
However, the good news is that the low prices that have come into being due to the foreclosure fiasco are now having a positive effect on the sales of homes within the region. Another report states that inventory of homes in the region has seen a slight drop, with 22,524 homes in December ’08, as compared with December 2007’s 24,298 homes.
When it comes to the re-sale of single family homes, Orlando is faring batter than most other regions within the state, including larger markets like Jacksonville, Fort Lauderdale and Miami. What is interesting to see is that Orlando foreclosures constitute to a fair share of these sales. This is primarily due to the fact that these homes usually tend to sell for lesser than homes which are not affected by foreclosure.
A further boost in the figures of home sales is also expected, as Fannie Mae is now putting to test a small program designed to speed up the process of selling some of these homes.
Foreclosure affected homes in Orlando are finding the attention of many prospective buyers because of the savings that can be made in buying these homes. While you might have to spend some money in fixing these homes, they can still lead to substantial savings.
With there being a wide range of options in Orlando to choose from, it would be best if you take some time in carrying out an extensive search for these homes.
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Written by Alex Rolim.
