Orlando is one of the favorite tourist destinations in the US as well as Florida but the increasing number of Orlando bank foreclosures is causing damage to its economy. It is a destination that every child in the US wants to visit due to the Disney World and the water world and hence a favorable place to reside in too. But off late, as homeowners have started to loose their grip on mortgage payments, there has been a rise in delinquency causing the rate of Orlando foreclosure homes to shoot up.
A significant contributor to the high number of repossessed homes in Orlando is Orange County. Homeowners in this county have started to miss their mortgage payments causing volatility in the market and making banks and lenders issue foreclosure notices. All this is due to the increasing interest rates in sub-prime mortgages and experts believe that an increase of foreclosures in Florida may continue through 2008 as well.
The high rate of foreclosed homes in Orange County not only affected the homeowners but the housing market also slumped and suddenly the pets were left homeless. According to an official report, almost 700 cats and dogs were rescued by various organizations as they had been abandoned by their owners. This is one of the saddest events in the state.
By the final quarter of 2007 homeowners in the county received 665 notices of default issued by various banks and this was a straight jump of 125% as against 11% last year. It has never been so high in the last 7 years and the existing homeowners fear the worst. If you thought that Hurricane Katrina caused maximum damage then think again: it’s the rate of Florida foreclosure homes that is causing maximum damage now.
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More Resources:
- Foreclosure Lists
- New Jersey Foreclosures
- Ohio Foreclosure Homes
- Foreclosed Homes PA
- Foreclosed Homes in North Carolina
- New York Foreclosures
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