Orlando ranked 22nd in foreclosure rates out of 230 metropolitan US cities according to RealtyTrac recently. 40,351 Orlando area properties were foreclosed in June. Despite the gloomy news, single family home and condominium sales are quite healthy in key Orlando submarkets. Those properties near good schools and highly sought after jobs are attracting a healthy number of buyers AND offers – including cash offers. Areas such as the University of Central Florida neighborhoods are seeing some continuous action.
Rising gas prices have caused an effect on which Orlando area properties are attractive to buyers. Many are focusing on those closer to the downtown amenities. The South Eola district of Orlando is becoming increasingly popular.
Although downward pressure on Orlando home prices may continue into 2009, the market looks like it could be making a slow comeback. While affected investors will have to ride the wave for awhile, first time homebuyers and new investors will continue to drive demand and help to achieve long term stability in the Orlando real estate market.
Contact British Homes Group today for information about multi-currency mortgages or for more information about Orlando Real Estate.
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