Orlando Inventory Down, Foreclosures Up - 11/30/10 12:05 PM
Overall in Orlando the number of houses for sale is down from the beginning of the month. There are 15,296 houses for sale in Orlando compared with 15,428 four weeks ago. Bank owned and short sales continue to make up almost half of the available properties, with 49.9% of the market. The number of bank owned homes has increased from 1,737 on November 1st to 1,872 as of this morning. After three large banks issued a self imposed moratorium on foreclosures we saw several hundred properties taken off the market in October. That trend has reversed in November. Pending sales have … (2 comments)

Banks and Mortgage Putbacks - 11/22/10 01:04 PM
There was really good article from Barron's on Yahoo that explains what is going on with banks and the effect of mortgage putbacks. If you have dealt with short sales, and wondered why banks do not have any real process in place for granting approvals, here is the answer. Generally speaking they have very little financial incentive to get them done. Banks sell off most of their mortgages to investors through a process that securitizes the mortgages. In other words, similar mortgages are bundled together, then a security (stock) is created to represent an ownership interest in the mortgages. This is where the term mortgage … (3 comments)

Orlando Real Estate Statistics November 2010, so far - 11/18/10 01:12 PM
Inventory of active listings at 15,303 seems to have stopped dropping as banks begin to bring foreclosures back into the market. For about a month the number of bank owned properties fell to around 1,700. Since we hit that level it appears to have struck a balance. When several large banks announced self imposed moratoriums on foreclosure back at the beginning of October, we saw hundreds of bank owned properties being pulled from the market. Prior to this happening, the number of active foreclosures seemed to hover right around 2,200. While the number remained fairly consistent the market for foreclosures was … (0 comments)

Importance of Window Treatments, Courtesy of Tom Vatury - 11/17/10 07:41 AM
Window treatments, the blinds and drapes that are used to decorate and shade your rooms can actually do a lot more to improve your home and help it sell in a competitive market. The right kind of window covering can help insulate and save energy costs, offer remote control convenience, reduce noise, and provide a nice view or daylighting while preserving privacy and protecting from harmful UV rays. Visually, they can also drastically change how a room feels or even how big it appears. Presentation can greatly affect the initial impression buyers have of your rooms and whether they’ll stay interested … (0 comments)

Number of Homes for Sale in Orlando Dropping - 11/10/10 11:50 AM
The number of homes for sale in Orlando continues to decline. Way back in May or June I was concerned we could see as many as 18,000 homes on the market by the end of the year. We did see an increase in the inventory immediately after the home buyer tax credit expired, but that was short lived. Then last month banks began to slow or even stop their foreclosures due to irregularities in their processes. Immediately there was a decline in the inventory of a few hundred homes. Some of those banks have resumed their foreclosures, yet the number of active … (2 comments)

Banks, Lending and the Government's Role - 11/08/10 11:50 AM
The federal government, central bank (The Fed), and the secondary mortgage market (GSE's, Government Supported Entities) have an important role in helping to get the real estate industry back on track. While I am no fan of the big banks, big government or big bailouts, I do believe that the federal governmental entities played a big role in the real estate led recession and the continued challenges in the real estate market. I have said many times before that the fed's have three policy tools at their disposal to help guide the real estate market: fiscal policy, monetary policy and lending … (0 comments)

Baldwin Park Orlando Low on Inventory - 11/03/10 10:58 AM
I live in Baldwin Park and try to keep a close eye on what is going on in the neighborhood, and the number of homes for sale has been steadily dwindling. There are only 57 homes active on the market right now with another 52 with contracts pending. If you look at the last 12 months sales of 195 the active listings only make up a 3.5 month supply of inventory. That is why I am saying the inventory is low. When the inventory numbers are released each month they are typically based solely on the previous months sales. Based on the … (0 comments)

Orlando Real Estate Sales in October - Trick or Treat - 11/01/10 04:51 PM
All the sales are not posted yet, but so far 1,714 sales have closed with a median sales price of $105,000. This could be a trick and a treat. I had estimated about 1,800 sales for the month, but it looks like it may be closer to 2,000. There are typically several hundred that do not get posted until the week after the end of the month. The trick was the price. I had expected to see a median sales price increase to $115,000 or so. My expectation was that the temporary halt to foreclosures would result in a higher median price.  … (0 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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