Compared to last year, the metro Orlando area foreclosure filings spiked over 50 percent through the first quarter of 2012, and March saw an almost 50 percent increase from the same month a year ago. Among four counties within the Orlando metro statistical area, there were 9,330 foreclosure filings reported within the first three months of 2012. This caused the Orlando area to be ranked 15th among the largest metropolitan areas in the nation in regards to foreclosure filings.
In March alone, the Orlando area reported nearly 3,000 foreclosure filings, which is almost a 50 percent jump from March 2011. However, it is a decrease in filings -- about five percent -- from the previous month. Out of the four counties that comprise the Orlando metro area, Orange County filed the most foreclosures followed by Seminole County, Osceola County and Lake County. As for the state of Florida as a whole, they were ranked second among the nation with a reported 73,344 foreclosure filings in the first quarter of 2012.
Losing one's home is not something that many ever thought would happen to them; however, with the economy in a continued slump, it is something that an increasing number of Floridians have had to confront.
However, just because foreclosures have increased, this does not mean that those Orlando residents experiencing financial difficulties will necessarily lose their home. There are ways to negotiate around foreclosure, such as loan modification or by negotiating a short sale. Furthermore those that are best informed of the alternatives available may be in a better position to do something about it.
Source: Orlando Business Journal, "Orlando foreclosures rise in 1Q, March," Anjali Fluker, April 12, 2012