Investment and Vacation Real Estate - Orlando, Florida

Orlando Foreclosures at 6.7% in April

Foreclosure rates in the Orlando-Kissimmee market increased in April to 6.7 percent compared to nearly 3.9 percent posted during the same month last year, according to First American CoreLogic.

Foreclosure activity in the Orlando-Kissimmee area was nearly 5 percentage points higher than the national foreclosure rate of 1.8 percent in April, the report said.

The mortgage delinquency rate also increased last month, going from nearly 7.3 percent of mortgage loans being delinquent in April 2008 to nearly 12.5 percent in the same month this year.

Foreclosure filings — including default notices, auction notices and property sale or bank repossessions — between May 2008 to April 2009 totaled 63,256, or about 173.3 per day. That compares with 30,579 foreclosure filings, or about 83.8 per day, in the same period a year prior.

Foreclosure data from First American CoreLogic is based on the actual number of active mortgage loans, rather than the total number of households in a given area, providing more accurate results by removing paid-in-full mortgages from the equation.

Source: BizJournals.com

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