Real Estate Recovery Ormond By The Sea, Florida – foreclosures are down.
Volusia County Florida , which includes Ormond Beach and Ormond By The sea, has seen a drop of almost 60% in foreclosures in the first half of 2011 compared to the first half of 2010. The Daytona Beach News Journal reported that for July, 2011 foreclosures were down 60% in Volusia County as compared to July 2010. California based RealtyTrac reported July 2011 as the 10th consecutive month of year over year foreclosure declines nationwide.
While there are a number of possible reasons for the decline, the good news is that many more home owners are able to stay in their homes and avoid foreclosure. As time goes by the hope is that many of these homeowners will be in a better financial position and possibly stay in their homes, reducing the number of distressed properties on the market and that is good news for the real estate recovery in Ormond By The Sea Florida.
Fewer distressed properties on the market means less downward pressure on values and paves the way toward stabilizing the real estate market.
Real Estate Recovery Ormond By The Sea, Florida – foreclosures are down. Good news.