Although the housing market is recovering, it is very clear that Orlando is still reeling from the foreclosure crisis. In fact, last month Orlando posted the sixth-highest rate of foreclosure in the entire country. This is even worse than the city performed in October, when it was ranked seventh.
Many people assume that foreclosures hit mostly lower-income areas, but the Orlando Business Journal has reported that the rate of foreclosure among high-end properties is actually on the rise. Citing data from RealtyTrac, the journal reported that the rate of foreclosure for high-end properties has increased by 500 percent since 2012.
The Orlando-Kissimmee area is now one of the top five markets for foreclosure involving homes valued at $5 million or more.
Overall, according to statistics compiled by RealtyTrac, the rate of foreclosure in Orlando is currently three times that of the nation. And, statewide, Florida had a higher foreclosure rate than any other state last month.
Many Floridians are likely wondering why it is that the state’s real estate market is suffering so much more than many other states. This is a result of a number of complicated factors, but it is true that predatory lending, fraud, and other forms of wrongful foreclosure have certainly hit Florida hard.
Florida homeowners and commercial property owners need to be aware that they do have the right to defend themselves against foreclosure actions. In many cases, there are suitable legal strategies that can stop foreclosure, but the availability of these options depends on the individual circumstances of each foreclosure case. Those who are facing foreclosure actions may benefit from talking to a reputable foreclosure defense attorney about their options.
Source: Orlando Business Journal, “Orlando ranks sixth in nation for foreclosures,” Matthew Richardson, Dec. 13, 2013