The number of foreclosure filings in the Orlando area rose during the month of August again, making it the eighth month in a row that the rate has increased. Orlando seems to be struggling with a higher than average foreclosure rate, compared with the rest of Florida and the rest of the country.
Filings in the Orlando area are up 47 percent from last year, while nationwide foreclosure activity was down by 15 percent. For the month of August, Orlando and Florida both had a foreclosure rate that was double the national average. Experts say that this area has suffered much more than other regions since the recession and the housing market downturn. While many banks had slowed down the process of foreclosures due to high volume in 2010, the pace has picked back up again as lender seek to clear the rolls of past-due loans.
Filings in the Orlando area are up 47 percent from last year, while nationwide foreclosure activity was down by 15 percent. For the month of August, Orlando and Florida both had a foreclosure rate that was double the national average. Experts say that this area has suffered much more than other regions since the recession and the housing market downturn. While many banks had slowed down the process of foreclosures due to high volume in 2010, the pace has picked back up again as lender seek to clear the rolls of past-due loans.
For many Orlando residents, the prospect of foreclosure can be devastating. Refinancing, short sales, or bankruptcy filings are all options to try to relieve the debt burden of an underwater mortgage. These options can help avoid foreclosure and get homeowners back on track to settle their debts and move forward with their lives.
During the end of this summer, many more homeowners in Central Florida were receiving initial notices of foreclosure than in recent years. Activity in the courts was also up by three percent. Much of the increase in foreclosure filing activity was due to houses that had just entered the process, with a 44 percent increase in initial filings between July and August.
Source: Orlando Sentinel, “Orlando foreclosures rise for 8th consecutive month,” Mary Shanklin, Sept. 13, 2012.