Central Florida and Foreclosures
The Central Florida Real Estate Market's home sales are on the RISE in conjunction with Short Sales and Foreclosures.
There were 21% more homes sold in December 2008 (1,305)than December 2007 (1,076).
Orlando ranks #7 in the Nation for Foreclosures (by City)
With Orange, Osceola, Seminole rising to the top of the list within the State.
Worst 2008 foreclosure rates by metro area
Rank | Metro area | Foreclosures* | Foreclosure rate** | Change from '07 |
1 | Stockton, Calif. | 21,127 | 9.5% | +99% |
2 | Las Vegas | 67,223 | 8.9% | +121% |
3 | Riverside, Calif. | 112,284 | 8.0% | +117% |
4 | Bakersfield, Calif. | 16,208 | 6.2% | +115% |
5 | Phoenix | 97,684 | 6.0% | +221% |
6 | Fort Lauderdale | 47,387 | 5.9% | +128% |
7 | Orlando | 46,843 | 5.5% | +196% |
8 | Miami | 49,697 | 5.2% | +96% |
9 | Sacramento, Calif. | 39,876 | 5.2% | +68% |
10 | Detroit | 38,106 | 4.5% | -8% |
11 | Sarasota-Bradenton | 17,256 | 4.5% | +154% |
12 | Fresno, Calif. | 12,571 | 4.2% | +103% |
13 | Tampa-St. Pete | 53,630 | 4.1% | +123% |
14 | Oakland, Calif. | 38,797 | 4.1% | +99% |
15 | San Diego | 44,931 | 4.0% | +122% |
16 | Palm Beach | 23,399 | 3.7% | +96% |
Central Florida's 2008 foreclosures by county
County | Foreclosures* | Foreclosure rate** | Increase from '07 | Increase from '06 |
Brevard | 10,274 | 3.9% | 101% | 496% |
Lake | 4,714 | 3.5% | 138% | 393% |
Orange | 25,524 | 5.8% | 209% | 551% |
Osceola | 10,529 | 9.6% | 214% | 935% |
Polk | 10,251 | 3.8% | 98% | 260% |
Seminole | 6,076 | 3.6% | 179% | 427% |
Volusia | 8,794 | 3.6% | 111% | 380% |
* Number of properties that received at least one foreclosure filing during the year, be it a default notice, an auction-sale notice or a bank-repossession notice. ** Percentage of all households in the designated area that received at least one foreclosure filing during the year. SOURCE: RealtyTrac Inc.
The Banks are allowing aggressive pricing to increase the attraction to their properties (40% of the transactions closed are in Mortgage Distress), making it extremely difficult for "regular" sellers with equity to stay in the game. There are options (stay tuned to this blog!)
Due to today's market conditions on top of interest rates at Historic Lows, now are the best conditions since March 2004 to purchase a home for First Time Homebuyers.