A new report from RealtyTrac Inc. shows that foreclosures in the Orlando area were down in 2011 for the third year in a row. Compared to 2010, when foreclosures were filed on 61,674 homes, Osceola, Orange, Lake and Seminole counties saw approximately 68 percent fewer foreclosure filings in 2011. There was a 72 percent drop in foreclosures from the 72,141 filed in 2009.

Although home foreclosure numbers were down for 2011, many Orlando residents are still deep in the grips of the housing crisis. One in every 46 homes in the Orlando area was subject to a foreclosure filing last year — all told, 19,844 residences.

Orlando did fare reasonably well compared to state and national averages for foreclosure filings. Among the nation’s largest metropolitan areas, Orlando ranked 38th for foreclosure filings in 2011. Orlando homeowners had a somewhat better footing than other Floridians: foreclosure filings for the state as a whole dropped 62.5 percent, almost ten full percentage points lower than Orlando numbers. Nationally, foreclosures dropped off by 34 percent, reaching their lowest levels since 2007. Just shy of two million American homes were subject to a foreclosure in 2011.

It is good news for Orlando residents that the area saw such a steep decline in foreclosures, evidence of a slow but significant economic recovery. Yet, thousands of homeowners are still struggling to make payments and searching for a financial solution. Hopefully, they will continue to get the help they need, and 2012 will prove to be an even better year in terms of keeping Floridians in their homes.

Source

Orlando Business Journal, “Orlando foreclosures fall nearly 68% in 2011,” Jan. 12, 2012