Orlando Area Foreclosures Down – The foreclosure rate for the Orlando-Kissimmee-Sanford area was 2.05 percent for January, according to new CoreLogic data released March 29.
The region’s foreclosure rate fell 1.26 percentage points in January compared to the year-ago period when the rate was 3.31 percent. The foreclosure rate measures the percentage of loans in some stage of the foreclosure process. Orlando’s declining foreclosure rate is a positive sign for the region, as fewer bank repossessions indicate a stronger homeowner market. It also signals less distress in the market and helps boost property values.
Statewide, Florida’s foreclosure rate was higher than metro Orlando’s, at 2.28 percent in January. However, it was still a 1.32 percentage point decrease from the year-ago period when the foreclosure rate was 3.6 percent. The mortgage delinquency rate in the Sunshine State was 5.23 percent in January, down from last year’s 7.83 percent.
Source: Orlando Biz Journal