Where did all the Orlando REO inventory go?

By
Real Estate Broker/Owner with LemonTree Realty

Where did all the Orlando REO inventory go? That's a good question. We are hearing about shadow inventory again and high numbers of foreclosures being in filed with the court house but where's the inventory.

 

Did you know as of right now there is only 1 - yes 1 REO Bank onwed home in downtown orlando actively on the market right now?

 

Did you know in Orange county there is only 331 there is a total of 5,363 on the market in Orange county meaning less then 10% of the inventory are bank owned homes.

 

Remember during these times the best properties will move quickly and often times go over asking as there are many people fighting for these good homes. To find the steals and deals you must be willing to go for the undesirable, the homes that have been sitting and need some help.

 

For now our market has turned, how long will it last we dont know.

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Heather Unger, GRI, NRBA, CLHMS, CDPE, WinDs

RE/MAX Central Realty

www.HeatherTheRealtor.com     (407) 810-6304

Our Team Specializes in Luxury Real Estate, First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties

Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden

 

Comments (6)

Mike Marroquin
Supreme Lending - Henderson, NV
Supreme Lending Team

probably turning into short sales like they seem to be in ca.

Aug 04, 2011 11:16 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Heather

The REO inventory in Orlando has sold, if the buyers in Orlando want an REO property they will needs to act.

Good luck and success.

Lou Ludwig

Aug 04, 2011 02:55 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Orlando prices are starting to rise again (yes, it's true).   After a 60% drop, it's about time!

Aug 04, 2011 05:03 PM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Seems like the robo-signing really messed up the REO inventory.  The banks are letting the foreclosures just sit there.  I've actually re-listed 2 properties that were supposed to go to the courthouse auction but ended up falling into limbo last Fall.  So now we have them back on the market trying to short sale them.  Sure would be nice if the banks would either take the darn houses back or approve the short sale.  There are almost as many "under contract" deals as there is actual inventory right now.

Aug 05, 2011 02:30 AM
Roy & Gail Barnhart & McKay
Barnhart & McKay Realty Advisors - Hudson, FL
Barnhart & McKay Home Selling Team

I know Chase restarted evicions about 2 months ago. I think the REO's are going to start to flow shortly!!!

Aug 06, 2011 05:10 AM
Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Heather,

In my town - Seattle - the REO inventory has increased.

My own listings are getting multiple offers almost every week.

Thanks for the post

PHil

Aug 09, 2011 05:29 PM