Foreclosure sales in Orlando have dominated the four-county metro area's existing home sales more than in any other area in Florida, according to a recently released report by RealtyTrac. Almost half of all the metro area's single family home sales in the third quarter of this year, or about 46 percent, were foreclosure properties. Meanwhile, foreclosure sales in the Tampa and Jacksonville areas were only about a third of their sales during that same period.
Foreclosure prices in metro Orlando were about 25 percent lower than prices paid for other properties. The proportion of foreclosure properties in the resale market has been declining in Orlando and the rest ot the sate since the beginning of the year, when they made up more than half of all the sales.
Statewide, about 36 percent of all sales were foreclosures, while nationally, the figure is closer to 25 percent. The sooner we can get through all the foreclosures, the sooner our local housing market can stabilize and begin its recovery.
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