Orlando area foreclosures up 17 percent in Q2 | Orlando Regional REALTOR® Association
Orlando’s rising home values and buyer demand are enticing more lenders to initiate foreclosure proceedings with the expectation of recovering mortgage debt. According to the Midyear 2019 U.S. Foreclosure Market Report from ATTOM Data Solutions, the Orlando-Kissimmee-Sanford Metropolitan Statistical Area had 17 percent more properties in foreclosure during Q2 of 2019 than in Q2 of 2018.
“With median home sales prices being the highest they have ever been since Q1 2007, lenders are becoming more aggressive,” explains Todd Teta, chief product officer at ATTOM Data Solutions. “We have continued to see an uptick in foreclosure starts month over month in many parts of Florida, with the Orlando market in particular seeing overall foreclosure starts increasing at steady rates.”
“In addition, says Todd, “affordability in the Orlando market definitely has a great impact, with the average wage earners not being able to qualify to buy a home and home prices outpacing wages in some of the counties that make up the Orlando market.”
The Orlando MSA ranked 23rd in the country in regard to the number of homes in foreclosure per housing units. Three of its four counties experienced year-over-year increases in Q2, with Osceola County posting the biggest at 54 percent more foreclosures than the same time last year. Lake County had the MSA’s only decrease in the number of foreclosures (23 percent less).
The United States as a whole had 19 percent fewer properties in foreclosure in Q2 than in Q2 of 2018.
News Source: Orlando Regional Realtors Assoc.