The number of foreclosed homes on, or about to hit, Metro Orlando’s resale market has more than doubled in the past year, forcing down the prices of other houses that have already lost more than half their value since before the recession, new figures show.
Foreclosure activity may have slowed down in local courts, but a record number of bank-owned properties are searching for new owners or waiting in the wings.
“Inventories have gone up,” said Daren Blomquist, a spokesman for the research firm RealtyTrac. “It is taking longer for the banks to sell.”
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