At least for sellers. This week, the Orlando Regional Realtors Association reported that home prices increased 4.5 percent in July from the June numbers and almost 25 percent from the July a year ago. This increase from year-to-year is the strongest the market has been since the days before the real estate housing market bubble burst. The 25 percent increase matched the rate of increase last seen in January 2006.
This improving situation is good news after the years of doom and gloom that the market has endured. The worst of the foreclosure issues may finally be behind Orlando and Florida. A recent report from RealtyTrac indicated that Florida was returning to pre-crisis levels with real estate foreclosures, while other states like Maryland and Oregon had experienced large increases this summer.
The numbers of home sold in July also increased by more than 15 percent from a year ago, and prices have been moving up due to limited inventory, which is great for sellers. While the number of foreclosure sales fell by 15 percent from 2012, there are still short sales and foreclosures ongoing, even with the improving market.
If you find yourself involved in problems with your home and you need assistance with a short sale or a foreclosure, the sooner you speak with an experienced attorney, the sooner you can determine the best course to take.
An attorney working on your side ensures that you understand your legal options and choose the strategy that makes the most economic sense for you situation.
Source: Orlando Sentinel, “Orlando home prices soaring,” Richard Burnett, August 15, 2013