News & Information: Real Estate News

Orlando area foreclosure activity drops 35 percent in August

Tuesday, September 19, 2017  
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Foreclosure activity in the Orlando-Kissimmee-Sanford Metropolitan Statistical Area dropped 35 percent year-over-year in August, bettering the national cumulative decrease of 21 percent and placing it 50th in the nation’s ranking of least activity.

However, the MSA’s foreclosure activity increased by 13 percent when compared to last month (July 2017). Nationwide, foreclosure filings increased 14 percent month-over-month.

“There is often a seasonal monthly increase in foreclosure activity in August paralleling the seasonal slowdown in the overall real estate market, but the 14 percent month-over-month increase nationwide this August is more than twice the average 6 percent seasonal increase in August over the previous 10 years — the highest in fact since a 37 percent month-over-month increase in August 2007,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “While this seasonal increase is certainly not enough to set off alarm bells nationwide, especially given that foreclosure activity was down annually for the 23rd consecutive month in August, there is cause for concern in a few local markets where foreclosure activity has consistently been trending higher on an annual basis this year.”

Orange County saw a 29 percent decrease in the number of foreclosure filings compared to August 2016 and a 7 percent increase compared to July 2017. The county ranks as the country’s 37th lowest for August (among the 3,143 counties in the United States).

Seminole County’s foreclosure activity increased by 61 percent year-over-year and increased by 1 percent month-over-month in August. Seminole ranks as the country’s 25th lowest, however, due the impact its smaller numbers have on statistical calculations and its lower percentage of homes in foreclosure compared to homeownership overall.

Source: ATTOM Data Solutions

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