Orlando Florida Leads Nation In Short Sales
The Orlando, Florida housing market was hit hard by the housing crisis and according to RealtyTrac®, Orlando still leads the nation in short sales. The April 2014 Residential & Foreclosure Sales Report was released last week and the news was less than positive for the Orlando area. Recovery continues to vary from one geographic area to another.
Overall, in April 2014 short sales made up 5.2% of sales nationwide. While 5.2% may seem like a small percentage, Orlando had the highest number of short sales coming in at 13.4% – more than twice the national average. Four of the five cities with the highest percentage of short sales were all in Florida.
In the Orlando Florida market, there are more than 16,000 homes in some stage of foreclosure. That means one out of every 257 homes are foreclosures, which remains a staggering number. Foreclosure filings also continued to rise – up 30% over the prior month.
Outside Florida The News is Better
It can be so confusing when you hear so much in the news about how the housing market is recovering. In many counties, the median price for homes has surpassed pre-recession levels. – 10.2 – 16.6 percent.
There is even some good news in the state of Florida. Property values in Miami-Dade have the highest rate of appreciation in the nation, but they are the only county in Florida seeing that type of appreciation.
Florida Homeowners Still Have Hardships
There are many factors, which will continue to affect the recovery of the Central Florida housing market. According to Career Force Central Florida, the unemployment rate in the Orlando metro remains 5.4%, only slightly less than the 6.8% unemployment rate a year ago.
Homeowners have relied on their savings to see them through the difficult economy that has plagued the nation so available resources are giving out. Some homeowners fought hard to hang onto their homes. Without a steady income and money to pay the mortgage, the financial hardship may eventually get worse. Homeowners who held on hoping to regain equity in their homes are finding they are still underwater.
Underwater homeowners are not able to sell their homes without bringing cash to closing to make up the difference in the equity they lost. For those who have struggled with job losses, cuts in available work hours, illness or divorce, finding money to settle the amount owed on the mortgage is almost impossible.
Alma Korshak, owner of Short Sale Facilitators, understands how hard it can be to let go of your home especially after hanging on for so long. If you now find you need to get out of your mortgage, call and schedule an appointment to meet with Alma. She will discuss your options and will explain how a short sale might help you prevent a foreclosure on your home. Alma is passionate about helping people and she truly treats each and every one of her clients as a priority.
If you decide a short sale is the answer for you, Alma and her team can handle the negotiation with your lender at no cost to you. For over seven years, they have worked with sellers negotiating the terms of their short sales with lenders. They leave no stone unturned when trying to find money for relocation expenses and they work hard to get lenders to forgive deficiencies whenever possible.
While the housing recovery is moving more quickly in some regions, it will not happen overnight. There are likely difficult financial days ahead for many homeowners. Before you consider a foreclosure or bankruptcy, call Short Sale Facilitators in Casselberry Florida to see if a short sale might be the answer for you.
Short Sale Facilitators. The Power of Negotiating.