Orlando foreclosure investing is expected to step up with the month-over-month increase in foreclosure postings in February, as shown in the foreclosure report released recently by a research firm.
In the Orlando metro area, which encompasses the counties of Lake, Osceola, Orange and Seminole, a total of 6,823 foreclosures were filed in February, equivalent to one foreclosure for every 132 households. The filings marked a drop of 11.3 percent from the 7,690 foreclosures filed in February 2009, but marked a jump of 8.6 percent from the 6,282 foreclosures filed in January.
The year-over-year drop in pre-foreclosures in Orlando may be a positive signal to some observers that the housing problem in the area is easing, but many analysts are still doubtful. They still believe that more properties will enter Orlando foreclosure listings in the coming months because of the persistent unemployment problem.
In all the 4 counties, filings increased when compared to the previous month. The highest rate of increase occurred in Seminole, which posted an 18.5-percent increase from January and a 42-percent jump from February last year. Seminole had 1,423 postings, up from 1,201 in the previous month and up from the February 2009 total of 1,000 filings.
With both comparisons resulting in a rising trend, Seminole has the best prospects for people engaged in Orlando foreclosure investing and for people looking for higher foreclosure numbers.
In Osceola, Lake and Orange, foreclosure postings in February 2010 were higher when compared to January, but were lower when compared to February 2009.
Osceola had 1,053 filings, up by 10.5 percent from the previous month but down by 33 percent year-over-year. Lake had 834 filings, up by 10.3 percent from the previous month, but down by 10.3 percent compared to 2009. Orange had 3,513 filings, up by 4.2 percent from the preceding month but down by 16.1 percent from 2009.
Statewide, foreclosure activity surged in February by almost 15 percent compared to January and by over 16 percent compared to February 2009. Total filings reached 54,032, the second-highest state total, next only to perennial leader California.
Based on the ratio of state foreclosure filings to total number of households, Florida was third in the ranking in February, with one foreclosure for every 163 households.
With a rate of one foreclosure posting for every 132 households in the Orlando metro area, Orlando foreclosure investing is a viable proposition for people planning to enter the real estate business in the area.
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