Lately, I have heard so many so called experts comment on the number of foreclosures in Orlando real estate market. Many of these financial experts are also speculating on what effect these foreclosure sales are having on Orlando home prices. I guess to start with, we should get a good understanding of the actual numbers. At this time, listed in the MLS, we are showing 8202 active listings. Out of those, we have 623 bank-owned, 1873 short sale, and 1063 properties listed as pre-foreclosures. I think the pre-foreclosure and bank-owned properties possible overlap, causing a duplication of about 500 listings. With that being said, the chart below should give some fairly accurate representation as to what the average buyers and sellers are faced with.
So, for argument sake, it would appear that we have an Orlando real estate market of about 44% of all homes currently listed being in some sort of distressed or bank-owned status.
|
June 2009 |
Listings |
% of Total |
| Total Listings |
8202 |
100% |
| Pre-Foreclosures |
1063 |
13.0% |
| Short Sales – Distressed |
1873 |
22.8% |
| Bank-Owned |
623 |
7.6% |
| Normal Sales |
4643 |
56.6% |
Is it any wonder why the Orlando medium home price has fallen so sharply and why there is so much competition for the bank-owned listings. I would like to hear your comments on this post and what your experience has been. Until then.
