The housing market is on an upswing and the good news is that foreclosure filings in the US have dropped by 18% in 2014 which represents the lowest level since 2006, according to a report filed by RealtyTrac, a real estate data company headquartered in California (via Forbes).
The bad news is that the monthly level of completed foreclosures remains above the 2008 pre-crisis levels. November 2014 saw 41,000 completed foreclosures which is nearly double the monthly average before the housing crash (via CoreLogic) From 2000 to 2006, the U.S. averaged just 21,000 completed foreclosures per month.
The ugly news . . . RealtyTrac reports that despite a 4% drop, Florida still remains the hardest hit state with the highest foreclosure filing rate in 2014 (2.3% of all housing units with a filing),
The opportunity: Central Florida continues a slow but steady rising median sales price of Orlando area homes. The median price rose 7.5 percent from September 2013 to September 2014 (per Orlando Regional Realtor Association). With the relatively low interest rate, Central Florida homes are considered a good value at affordable prices.
When you’re ready to put your home on the market or purchase that next home, call Buy Your Side Home Inspection 407.780.0911 for a professional home inspection. We’re Central Florida’s most respected Home Inspector.