If you’re in the market for a new home in the Orlando area than you may you interested in finding out information on foreclosed homes in Florida, looking into Foreclosures Orlando residents have experienced could be beneficial in helping you learn more about the current real estate market before deciding whether or not it’s the right time for you to buy or sell a home. Orlando REO Professionals 1, Inc.has a team of experts that could help you look at the statistics and figure out what they mean! Keep reading to find out everything you need to know about foreclosures in your area.
Details on Foreclosed Homes in Florida and What You Need to Know
Before deciding that it’s time to buy a new house, it’s smart to tax a look at the statistics on foreclosures Orlando! Having this information is vital in trying to figure out whether it is the right time for you to purchase a home. Below is some essential information on the foreclosure rates in your area!
Although foreclosure filings have gone down from one in forty-seven in 2010 to one out of every two hundred fifteen last year, foreclosures are still occurring and should be something to consider before jumping into a big purchase, like buying a home. Across the United States, Florida falls in the middle of the foreclosure spectrum. However, the average foreclosure rate is 0.71%, which is higher than the national average of 0.47%. We can break things down even further by looking at specific area codes within the state to figure out exactly where foreclosures are occurring the most.
In Orlando, FL, as a whole, one in every 2779 homes is foreclosures. Of course, there are some area codes in the city that experience a higher number of foreclosures than others, and that information can be seen below.
- 32820: one in every 1090 homes experiences foreclosure
- 32805: one in every 1535 homes experiences foreclosure
- 32808: one in every 1653 homes experiences foreclosure
- 32817: one in every 1661 homes experiences foreclosure
- 32811: one in every 1749 homes experiences foreclosure
Although some of these numbers are higher than what people like to see, there have been some improvements and changes from the previous months and years.
- Preforeclosure rates have gone down 22.4 percent from the previous month and 39.8 percent from last year.
- Auction rates have dropped 51.7 percent from the previous month and 35.8 percent from the prior year.
- The number of bank-owned homes has gone down 32.1 percent from the prior month and 20.8 percent from last year.
Contact Us for Information on Foreclosed Homes in Florida
Orlando REO Professionals I, Inc. is a group of REO listing specialists helping the residents in Orlando. We pride ourselves on offering advice on how to buy a foreclosed home to our clients. As a group, we have over 75 years of real estate experience, and we are here to make your buying experience stress free. It’s time to consider foreclosures Orlando! Call or visit us today!