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August 24th, 2009 2:20 PM by David W. Welch
Active listings continue to drop with 16,745 properties currently listed available with Orlando Realtors. That is down nearly 500 from the number active at the end of July. Of that number 901 are REO (bank owned) properties, and a total of 6,616 or 39.5% are distressed properties including REO and short sales. The number of pending sales continues to skyrocket as banks continue to play games with short sales. Currently 8,212 properties have contracts, but more than 4,500 are short sales. Closed sales are a little off the last two months pace as families get ready for school that started today. Currently there are 1,116 posted sales with a median price of $134,400. Of that total 581 or roughly 52% are distressed properties. Only 219 of the closed sales so far are short sales or about 4.9% of the total number of pending short sales.
Orlando Real Estate, David Welch Real Estate Optimist