Orlando Foreclosed Properties Rose in 3Q, Put the City 11th

Orlando repo homes increased in number in the July to September quarter, based on data released this week by a foreclosure tracking firm.

A total of 22,700 residential properties in the Orlando-Kissimmee metro area were notified of foreclosure actions during the quarter, representing 2.57 percent of all housing units in the city. With one in 38 residential units put into the foreclosure process, Orlando ranked 11th in a chart of 203 major metro areas in the country based on foreclosure rates.

The pace of foreclosure in the Orlando metro area in the July to September quarter increased substantially from the pace during the same period last year, climbing up by almost 42 percent. Compared to the previous quarter, the pace increased by more than 5 percent.

In the foreclosure ranking, two Florida metro areas were in the top ten – the Fort Myers-Cape Coral area, which ranked third, and Port Saint Lucie, which ranked tenth. Orlando was ranked 11th.

The Cape Coral area had more than 13,200 foreclosure filings while Port Saint Lucie had more than 5,400 filings. Cape Coral had a foreclosure rate of one in 27 while Port Saint Lucie had a rate of one in 38.

Because of the continued increase in number of Orlando foreclosed properties, home prices in the area continued to fall. In September, the median home sales price in Orlando plunged to $120,000, based on data from the monthly housing report of Associated Press and Re/Max and data from the National Association of Realtors. The median dropped by around 33 percent from the median in September 2008.

Other Florida cities where home prices dropped significantly in September were Miami, where the median fell by 33 percent to $150,000, and Tampa, where the median dropped by 17 percent to $133,000.

Nationally, the median home sales price in September was $153,500, according to NAR. The price marked a nearly 8-percent drop from $166,200 in September 2008.

Because of further price declines, the number of investors and homebuyers in Orlando and other Florida cities increased, pushing up home sales in Orlando by 65 percent in September compared to the same period last year. Home sales in Miami climbed up by a staggering 71 percent from sales last September.

According to realtors in Miami, Orlando and other foreclosure-hit cities in Florida, majority of their home sales in September were foreclosure sales and distressed sales.

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