Short sales made up 73% of the pending sales last month in the core Orlando market, up from 64% a year ago, according to a report released Wednesday by the Orlando Regional Realtor Association. Sales of these “underwater” houses constituted about a third of the 1,950 closings that took place in November.
Sales of ordinary existing homes constituted about 40% of the market, while bank-owned properties made up about a 25% of the month’s sales. Short-sale prices have also risen during the past year, from $99,000 in 2010 to $106,000.
Short sales and foreclosures have dramatically increased in California too. Originally, foreclosures and short sales were occurring in the Inland Empire, Lancaster and N. Los Angeles County, but now they are moving south.
And about 1/3 of the short sales and the majority of foreclosures occurred in pricey neighborhoods north of Ventura Boulevard.