The number of short sales in Orlando is on the rise. In January 1,822 properties have come on the market which are short sales, 519 have closed since January 1st. The average day on the market was 246 days and a total of 6,159 are still on the market, so we are looking at 11.8 months of unsold short sale inventory.
Giant Bank, Giant Struggle was the headline of an article in the Orlando Sentinel issue of March 5th. I wonder when the banks after 4 years of this unbelievable mess of short sale processes ever get this high amount of inventory absorbed. There are plenty of short sale buyers here in the Orlando area but they get fed-up with the process and move on. In the meantime property values are falling while we wait for the banks to make a decision. By now they could have trained enough people to get it right. I don’t want to leave on a sour note. Compared to last year for the same period, we have seen a huge increase in closed short sale properties, from 152 properties to 519 a 315% increase. Any help in the short sale process go to www.GreaterOrlandohomes.com
