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Orlando Foreclosures - Is the end near? April foreclosures and pre-foreclosures drop

By Jerry | May 12, 2008

The nation’s foreclosure hemorrhage slowed a bit last month, according to Foreclosures.com. Lenders repossessed 74,570 homes following foreclosure in April, down more than 5 percent from March. April pre-foreclosures dropped 7.52 percent from March too, according to California-based Foreclosures.com foreclosure information specialists.“The sky isn’t falling, and the bottom of the housing market is in sight,” says Alexis McGee, president of Foreclosures.com.Foreclosures.com says its analysis is based on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and trustee’s deeds/REOs (real estate owned by lender through foreclosure).

In the 1st quarter of the year, 2.8 of every 1,000 households ended up back in lenders’ hands, up from 2.7 in 4th quarter 2007 (213,927 1st quarter filings vs. 197,736 in 4th quarter 2007). Quarter over quarter, 17 states actually had fewer REO filings in April.

“That’s the good news. The bad news is that still 3.8 of every 1,000 households nationwide (288,497 REO filings) have been lost to foreclosure so far this year,”  “Another 696,925 pre-foreclosure filings – 9.4 of every 1,000 households – have been recorded year-to-date with 179,046 filings in April.

“The numbers tell us the economy isn’t dead,”   “U.S. gross domestic product was not negative as many had speculated and grew 0.6 percent in the first quarter. Combine that with positive moves by government and industry – including the still-evolving FHA reform and tax credits, along with federal tax rebates – are making a difference. The S&P 500, after dropping nearly 19 percent Oct. 9 to March 9, has since rebounded 11 percent. New jobless claims were lower than expected, and even Treasury Secretary Henry Paulson is upbeat, predicting a pick-up in growth later this year.” REO filings YTD • Florida, 24,764 (4 per 1,000)Pre-foreclosure filings by household YTD• Florida, 25.6 per 1,000 (162,316 filings, leading the nation in total number of filings)

About the author:  Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

Topics: Foreclosures |

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