According to the latest Realty Trac report, the Orlando market ranked 10th among the nation's largest metro areas with the highest foreclosure levels.

The Orlando metropolitan statistical area posted a total of over 7,000 foreclosure filings, or one in every 122 households, in October of this year. That represented a 2.4 % decline from October 2009's and a 2.6 % decline from the 7,572 filings reported in September 2010.

Meanwhile, Florida as a whole, was the state with the second-highest foreclosure rate in the nation with one in every 155 homes receiving a foreclosure filing last month, 2.5 times the national average. The Sunshine State had 56,858 filings in October, a 9.5 percent increase from 51,911 filings in October 2009 but a 4.5 %decrease from 59,514 filings just one month earlier. (The winning state? Nevada.)

The numbers go up, the numbers go down, but the trend is clear. Things are (or are not) changing much depending on how you look at things.

What is clear, is that renting may not make much sense for a lot of people while home prices are so low. Provided of course you have the cash to make the home purchase, or are able to get a loan.

In Orlando, loans on condos are virtually impossible unless the community is FHA approved and I can count those on one hand. Most Orlando condo sales have been cash only for a couple of years now, particularly in the case of bank owned condo foreclosures which are so common in subdivisions like MetroWest.

However, if the MetroWest real estate for sale is not a condo, then not only can you get a loan but you will also potentially get the deal of a lifetime. You might not think so for a couple of years, but I can virtually guarantee your kids will one day be asking you where all that equity came from!

Marcus Burke, PhD, GRI, e-PRO, ACRE is a Realtor and broker of record for the Orlando Real Estate Group and Condo Metropolis LLC. For more information on Orlando home sales, or to list your home for sale with us, call: 407-290-3408 or email Info@CondoMetropolis.com

 

 

 

Vue Condos Downtown Orlando Selling Again
10/26/2010
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After what seems like forever, the Vue Condos downtown Orlando are finally selling again and it looks like FHA approval could be right around the corner. The only other FHA approved condo for the last year or two has been 101 Eola condos The Vue… more
Banks To Keep Moving On Foreclosures
10/23/2010
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A week or two ago, the nation's banks put America on notice that they intended to put their foreclosure inventory on hold while they sorted out their latest mess. Yesterday, amidst fears that their first round of news was about the cause a further… more
MetroWest Real Estate Orlando Gets New Website
09/13/2010
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The MetroWest subdivision of Orlando (32835), got a new site this month as the Orlando Real Estate Pros launched a new site aimed at helping buyers of MetroWest real estate The site focuses on Metro West single family homes but also has a condo… more
Is It Time For Realtors To Start Acting Like Lawyers?
09/08/2010
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Are You A Patsy For Your Buyers? As real estate agent, there’s a chance you may have discovered that everyone wants a piece of you. Buyers in particular want your knowledge of the market place, your experience and advice, and allowed to run… more
Looking to get screwed on your next real estate deal? Sign up today!
07/22/2010
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As you might imagine, I take a lot of calls as an Orlando Realtor. I get a few thousand emails a month and a lot of phone calls. Many of those calls and emails end a little like this: "So yeah, I'm looking for an Orlando condo deal - let me know if… more
55 West Apartments Continue Renting
03/11/2010
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55 West condos downtown Orlando, now essentially apartments, are continuing their efforts to rent the entire condominium ASAP. They will be downtown rentals for the forseeable future until they can be resold as condos. Fifty-Five West condos have… more
Fannie Mae Gives Primary Home Owners A Shot At Foreclosures
12/05/2009
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Fannie Mae's new REO program may finally give primary home owners the break they've been looking for on the foreclosure front. Until now, 'real' home buyers have been beaten out of most foreclosed home sales by bidding wars that favor investors… more
Chinese Drywall Website Goes Live
08/20/2009
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The Consumer Product Safety Commission (CPSC), recently set up a Web site to keep consumers, drywall manufacturers, builders and others up to date with its investigation into Drywall imported from China blamed for rotten egg smells along with fast… more
Orlando / Celebration Condo Auctions Coming Soon!
07/26/2009
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A 3-community Orlando condo auction is scheduled for Sat August 29th 2009. Communites are: Audubon Villas condos at Hunter’s Creek The Cascades condos at Kissimmee Oxford Square condos in Casselberry 179 condos in total will go… more
 
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Marcus Burke, Ph.D, GRI, e-PRO, ACRE, REPM, CNE

Orlando, FL

More about me…

Condo Metropolis LLC

Address: Orlando, FL, 32835

Office Phone: (407) 290-3408

Email Me

Commentary (often satirical) on the real estate market, with particular attention to the condo market in Orlando, Florida. <!-- begin Top 10 list embed --> Orlando Luxury Real Estate & Condo Top 10 List! <!-- end Top 10 list embed -->


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