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February 14th, 2011 9:58 AM by David W. Welch
Mary Shanklin spoke with me for a piece she wrote about the foreclosures in Orlando. Here is a link to her article http://articles.orlandosentinel.com/2011-02-12/business/os-foreclosure-bulge-20110211_1_bank-owned-houses-bank-owned-properties-resale-market.
Although there are more than 13,000 properties Realtytrac has identified as bank owned in a four county area (Orange, Seminole, Lake and Osceola), there are only 7,472 REO properties either on the market, contract pending or sold within the last two months. They breakdown with 2,316 active, 2,679 pending and the remaining 2,477 closed in the last 60 days. I went back 60 days because it can take six to eight weeks for sales to be recorded, so these properties could still show as bank owned. As Mary's article states, the major banks claim to be trying to process these properties as quickly as possible to get them to market. I don't subscribe to Realtytrac, so I do not know exactly how they counted the 13,000. So, where are the nearly 6,000 bank owned properties?
David Welch Real Estate Optimist, Orlando Real Estate