In this recession, Florida has been significantly affected in regards to real estate compared to other areas of the country. Orlando in particular has felt the economic hurt in the shape of numerous hasty foreclosures.
Could there be a positive turnaround in the real estate air? A recent report from RealtyTrac Inc. would have the public believing that. With further examination of the situation, however, sources suggest that struggling Orlando homeowners are not out of the woods yet.
The recent foreclosure report out of Orlando shows the following filing trends:
- In the first half of the year, there were 12,711 foreclosure filings on Orlando properties. During that same time last year, there were 66 percent more filings.
- In the first half of the year, one out of every 71 homes in the area was involved in the foreclosure process. During that time last year, a reported one out of every 24 homes in the area faced foreclosure filings.
Based on the above mentioned trends, it seems as though there has been a remarkable improvement in the economy that is allowing homeowners to keep their homes and avoid the emotional foreclosure process. According to real estate and mortgage industry professionals, there is a catch, and there should be no sigh of relief yet.
Since news of the dangerous “robo-signing” process came out, banks have been required to put a hold on much of their foreclosure processes. One Florida foreclosure attorney indicates that he continues to see many clients worried about losing their homes. They know that they are behind on their payments, but the banks have not yet taken any foreclosure action.
Sources suspect that banks have been less quick to file foreclosure notices due to the “robo-signing” scare, but they are getting back into the game of taking action against those who have defaulted on their loans. Research shows that there was already a marked increase in the rate of first-time notices that banks sent to struggling homeowners in June.
As always, we will keep you posted with any new developments regarding Florida’s foreclosure scene.
Orlando Sentinel: “Orlando loses foreclosure infamy – for now,” Mary Shanklin, 14 Jul. 2011