Two-thirds of Orlando real estate transactions are REO Or Short Sales

May 17, 2010 by · Leave a Comment
Filed under: REO News 

Good news to hear that real estate sales are happening in Orlando and the market is working on a path to clear all these distressed properties.  Only 31% of the sales in April were actually traditional real estate transactions on properties that were on the market as a normal listed by a seller that was not in default on their mortgage.

The median price for REO homes in April did increase 1.7% to $72,900.  Homes are still 11.3% below the median price in Orlando compared to 2009.

More than two-thirds of all April home sales in Orlando were distressed sales, with REO accounting for nearly half of total sales activity in the Central Florida market, according to the Orlando Regional Realtor Association (ORRA).

The association said 46% of all sales were REO listings, while 31% were short sales. The remaining 31% of Orlando home sales were traditional, non-distressed transactions.

One in every 182 homes received a foreclosure filing in Florida, the third highest foreclosure rate in the country for the month of April, according to the online foreclosure marketplace RealtyTrac.

Source

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