Bank owned or foreclosed homes continue to make up a large portion of certain Central Florida housing markets. Recent MLS statistics indicate that in June, homes that were foreclosed on and now being resold by the lender are a major source of business for Realtors.
Reports indicate that Deltona led the way with 45% of the sold inventory being bank owned. Kissimmee followed closely with 39.8% of June sales reported as bank owned and Orlando 19.8%.
Area Realtors are aware of this latest trend and are prospecting lenders in hopes of listing these REO properties. Additional prospecting is centered on locating buyers by holding open foreclosed homes weekly.
The bank owned numbers should continue to rise as foreclosures increase throughout Central Florida.
Related Florida real estate view:
Lender says no to deed in lieu
There comes a point when you have to foreclose.
Is there a way to search for foreclosures in the MLS?
- Greg Staker, Watson Realty Corp., 407-304-0255
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