Orlando Number 10 For Foreclosures

According to the latest Realty Trac report, the Orlando market ranked 10th among the nation's largest metro areas with the highest foreclosure levels.

The Orlando metropolitan statistical area posted a total of over 7,000 foreclosure filings, or one in every 122 households, in October of this year. That represented a 2.4 % decline from October 2009's and a 2.6 % decline from the 7,572 filings reported in September 2010.

Meanwhile, Florida as a whole, was the state with the second-highest foreclosure rate in the nation with one in every 155 homes receiving a foreclosure filing last month, 2.5 times the national average. The Sunshine State had 56,858 filings in October, a 9.5 percent increase from 51,911 filings in October 2009 but a 4.5 %decrease from 59,514 filings just one month earlier. (The winning state? Nevada.)

The numbers go up, the numbers go down, but the trend is clear. Things are (or are not) changing much depending on how you look at things.

What is clear, is that renting may not make much sense for a lot of people while home prices are so low. Provided of course you have the cash to make the home purchase, or are able to get a loan.

In Orlando, loans on condos are virtually impossible unless the community is FHA approved and I can count those on one hand. Most Orlando condo sales have been cash only for a couple of years now, particularly in the case of bank owned condo foreclosures which are so common in subdivisions like MetroWest.

However, if the MetroWest real estate for sale is not a condo, then not only can you get a loan but you will also potentially get the deal of a lifetime. You might not think so for a couple of years, but I can virtually guarantee your kids will one day be asking you where all that equity came from!