Foreclosures Cannot Last Forever - 10/28/10 01:54 PM
With all the bad news coming out about the foreclosure crisis, I thought I would share a very positive story from right here in Orlando. I was showing condos to an investor that I have been working with for a while now. He has purchased several townhomes from me over the last year and a half. When he called about looking at some of the lower end condos, I just reminded him that condo financing basically does not exist and may not for some time. He is a cash buyer, but the lack of financing options just means that he should … (0 comments)

My Agent Won't Show Me Short Sales - 10/26/10 07:35 AM
I have heard this from several prospective buyers over the last couple of years, and I have shared several stories of short sales that have not gone well. I have also shared several stories of short sales that did go as well as can be expected. Over the last two years I have been tracking short sales here in Orlando, and have found that only 8%-10% of the pending short sales close each month. That does not mean that only 10% close, because some of those same pendings will close next month. Unfortunately, as the months wear on the likelihood of … (86 comments)

Bank of America Foreclosures Resume - 10/19/10 07:58 AM
Two weeks ago Bank of America, JP Morgan and GMAC put a hold on their foreclosures in 23 states where the courts have to grant approval, including Florida. Yesterday, Bank of America says they are re-filing 102,000 foreclosures in those states and continuing to move forward. They are still holding up on foreclosures in the other 27 states where the courts are not involved. I have written several times since this began about what impact I have seen in the Orlando market. While it has been noticeable, it has not appeared to create any major problems. Sales of REO's are off … (4 comments)

Orlando Homes for Sale Declining a Little - 10/18/10 01:19 PM
The number of active listings in Orlando continues to decline amidst the foreclosure slowdown. Currently, there are only 15,996 active listings posted. However, the number of active REO listings seems to be dropping much more slowly. In the two weeks since Bank of America, JP Morgan and GMAC announced a voluntary halt to foreclosures, the number of active foreclosures listings has dropped from 2,176 to 1,883, but most of that happened in the first week. Of the 293 decline, only 45 came in the last week. Pending contracts fell from 2,102 to 1,952, but then went back up in this past … (0 comments)

Temporarily Off Market - 10/14/10 11:37 AM
Let me start by saying, I don't have historical data or any kind of benchmark for the number of properties temporarily off the market. I have never tracked this before, but I may have to start, given the current situation with foreclosures. I have already posted a few times about what may be happening here in Orlando regarding the bank owned properties effected by the Bank of America, JP Morgan and GMAC self-imposed halt to foreclosures. I am hearing from buyers agents who had contracts on REO properties and from REO agents directly that some of these listings are being taken … (4 comments)

Foreclosures Stalled - 10/11/10 03:23 PM
So far there have been about 400 bank owned properties off the market in Orlando since Bank of America, JP Morgan and GMAC announced plans to halt foreclosures. Active listings have dropped from 2,176 to 1,928 in the last week, and pending sales have dropped from 2,102 to 1,952. Of course new listings come on the market and pending sales close all the time, but if you look back over the last several months the numbers of active and pendings have been fairly steady. The terminal number is in the closed sales, which I believe is already showing some effects of … (5 comments)

Foreclosures, Sales and Prices - 10/08/10 10:47 AM
I wrote yesterday about foreclosures being put on hold by three major lenders here in Florida and 22 other states. This all just came out in the last several days, and already I believe we are seeing the effects. Our listing inventory is down by a few hundred homes, specifically REO listings are down by 201 or more than 9% in just a few days and pending sales are down just over 6% or 126 properties. These are not earth shattering numbers, but it has just been a few days, and only three lenders have halted foreclosures so far. Here in … (4 comments)

Foreclosures Put on Hold - 10/07/10 06:31 AM
By now you may have heard the three large lenders; Bank of America, JP Morgan Chase, and GMAC Ally have put foreclosures on hold in 23 states. Apparently, my concern that the banks really do not have any idea what they are doing is justified. Bank executives from these organizations have admitted to signing thousands of documents each month without actually making sure that appropriate procedures were followed. The only reason they have put foreclosures on hold in 23 of the 50 states is because of the courts. You see 27 states allow the foreclosure process to go forward without going … (9 comments)

Orlando Real Estate Sales September 2010 - 10/04/10 11:18 AM
The number of active listings continues to fall, but very slowly. With Bank of America, JP Morgan and GMAC putting holds on their foreclosures we might see a quicker decline in the number of bank owned properties soon. Right now there are 2,176 REO's and 6,204 short sales combining for just over 51% of the active inventory of 16,359. These numbers are pretty close to what we have been seeing for a few months now. Pending sales are coming down much more quickly with only 8,829. Bank owned of 2,102 and short sales of 5,539 continue to dominate the pending contracts accounting … (3 comments)

 
Davidwelch Rainmaker_large

David Welch, Orlando Real Estate Optimist

Orlando, FL

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Remax 200 Realty

Address: 954 S. Orlando Ave., Winter Park, FL, 32789

Office Phone: (407) 629-6330 x 399

Cell Phone: (407) 924-7670

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Orlando Real Estate Blog, news, statistics, marketing reports, insight, opinions. Orlando real estate includes, Winter Park Windermere, Apopka, Ocoee, and Winter Garden, as well as Conway and Dr. Phillips areas of Orlando.


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