There is Hope After All....

As reported in the local paper today, according to the Orlando Regional Realtor Association (ORRA), Orlando homes are holding on to their value.  What does this means?  Despite the low number of closings that are taking place Orlando continue to hold on to its value.  Prices of homes sold in October increaced by 5.31% to $259,900.

In addition, there were 1,792 existing homes which changed hands in October.  This is a decline of 24.3% when compared to October 2005.  As of October 2006, the total number of homes sold in the Orlando area were  23,581 -- in comparison to last year red-hot record-breaking market, with 9.2 percent fewer homes sold through October.

According to ORRA President Randy Martin, Orlando's housing market is still on target to post its second-best year ever, and that conditions are ideal for buyers, with interest rates at 40-year lows, and inventories at their highest level in decades. Interest rates in October fell for the fourth consecutive month and to the second-lowest level this year, to 6.05 percent.

The inventory of homes available for purchase has expanded to 21,324, a 4.94 percent increase over September. Just over 1,000 homes were added to the pool during October; With that been said, Orlando now has an 11.9 months supply of homes on the market.