Bank Foreclosure Homes Sale Still Surging in Orlando

by cassy82 | January 19, 2010 at 09:50 am

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Properties listed for bank foreclosure homes sale are still surging in Orlando, Florida as unemployment continues to worsen. More than 7,600 residential units were put into the foreclosure process in the area in 2009. The jobless rate in Orlando hit 11.8 percent last November, with the highest rate of job loss in the construction sector.

Properties listed for bank foreclosure homes sale are still surging in Orlando as unemployment in the area continues to worsen, based on data from the Florida Agency for Workforce Innovation and real estate information providers.

In 2009, the Orlando metro area was seventh among metropolitan areas with the highest rates of foreclosure in the U.S. In December, a total of 7,692 residential units in the area received default or foreclosure notices, a five-percent increase from 7,349 filings in November and a two-percent jump from 7,578 postings in December 2008.

Frank Rubino, a top executive of Chase Bank in Orlando, said that he is expecting a bigger number of foreclosure houses in 2010 in Orlando because of the still difficult economic conditions. He also added that the planned downsizing of the NASA space-shuttle operations in Brevard County would certainly cause more job losses and more foreclosures.

By Cassiano Travareli