Foreclosures in Orange County Florida Nearly 25% of For Sale Listings

Feb. 7, 2011 - PRLog -- Santa Barbara, CA --- The latest inventory of foreclosures in Orange County, Florida was analyzed by RealtyStore and results show nearly 1 in 4 homes listed for sale in the county is a foreclosure. The Orange County foreclosure study is one of a series of RealtyStore reviews conducted on a countywide basis across the United States. Foreclosure listings currently post a median price 44% below the market median home price for Orange County, according to RealtyStore. Ownership of real estate foreclosures in the area shows 27% of all foreclosures as government owned and 73% as bank owned properties. This split in ownership is consistent with national averages.

"Although the share of government versus bank ownership is fairly common in this area, both government owned and bank owned foreclosures have a significant presence at lower price points among foreclosure listings in Orange County," noted Peter Ranck, RealtyStore Vice President. "34% of all active foreclosure listings in the area are now priced at $60,000 or less. These listings are predominantly single family homes, but include condominiums and town houses as well. An equally large number of foreclosures is still pending listing in Orange County and remains in the area's shadow inventory of distressed property."

Inventory counts for the area reveal 5,202 foreclosures recorded with 2,403 foreclosure listings active on the market in Orange County. Given 10,046 homes of all types are presently listed for sale locally, foreclosures comprise 24% of the total. Bank foreclosures dominate Orange County foreclosure re-marketing, representing 69% of the total foreclosure listings active on the market. Freddie Mac / Fannie Mae foreclosure inventory represents 29% of foreclosure listings, with a relatively small number of HUD homes and VA foreclosures making up the balance of 2% of listings.

The 2,799 foreclosures not yet on the market comprise the shadow inventory of pending for-sale foreclosure listings. These properties represent 54% of all completed foreclosures, or REO properties, in Orange County. Currently, a total of 2,158, or 77% of the area's shadow inventory are bank foreclosures.

A pricing analysis was also conducted as part of the RealtyStore review for Orange County Florida. The overall foreclosure median price in the area was found to be $89,900, or 44% below the total market median home price of $161,900. HUD homes and VA foreclosures combined to produce the lowest median list price by foreclosure seller at $51,500. Fannie Mae / Freddie Mac followed at $84,900 and bank foreclosures post a median list price of $94,900 in Orange County. Prices start at $9,900 for a 1 bedroom, 1 bathroom Fannie Mae foreclosure condo in Orlando.

See more foreclosure listings in Orange County at http://www.realtystore.com/foreclosures/florida-foreclosu...

Review detailed bank foreclosures in Florida with http://www.realtystore.com/foreclosures/florida-bank-fore...

Learn more about status and foreclosure trends http://www.realtystore.com/foreclosure-trends

Definitions:

'Foreclosure listing' is an individual REO which is listed for re-sale with a published, public for-sale price.

'Shadow inventory' means the collection of REO property which is in a portfolio of institutionally owned assets, but currently unlisted with a re-sale price on the market.

'REO' stands for 'Real Estate Owned'. These are houses, condominiums, townhomes or land which completed the foreclosure process, having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as the VA, Fannie Mae / Freddie Mac or HUD.

'Median price' is that price point where one-half of home listings are priced above and one-half listed below the price.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)