There is finally some good news in Central Florida’s foreclosure market. The Orlando metro area showed a decline in its foreclosure inventory in July of 2014, which hopefully is an indication the housing market is slowly recovering.
There was a decrease of 3.6 percentage points from a year ago in the foreclosure inventory in the Orlando, Kissimmee and Sanford metropolitan area. For the year ending in July, there were 13,817 foreclosures completed compared to the 12,244 for the same period last year.
The total number of homes actually lost to foreclosure is calculated by completed foreclosures, according to CoreLogic. CoreLogic is one of the premier sources for real estate information and it reports that the housing market is a prime indicator for how the economy is doing as a whole. The fact that there are fewer bank repossessions is an indication that the homeowner market is getting stronger.
Below are a few other findings from the CoreLogic report:
- Florida had a statewide foreclosure inventory of 4.8%, which is a 3.5 percentage point drop from July of 2013
- There was a 1.7% decline nationally compared to July of 2013 and 45,000 completed foreclosures
- The Sunshine State had the largest number of completed foreclosures for the year prior to July in comparison to the rest of the nation
- Florida’s 4.8% foreclosure inventory made it the second-highest of all mortgaged homes.
Although the housing market is showing signs of improvement, there are still many Florida homeowners that are past due on their mortgage payments. If you are facing foreclosure of your home or you would like to learn more about the legal services we provide, call us to schedule a free consultation. We are located in Melbourne and proudly serve all of Central Florida.