The Orlando Regional Realtor Association, of which I am a member, reports existing home sales in greater Orlando rose for the second consecutive month in October, representing the first time in over two years we have had this occurrence. Could this be signifying a turn in the local housing market?
Certainly, the amount of sales includes distressed properties, either those in pre-foreclosure, already foreclosed upon or short sales. But burning off the inventory is key to any market recovery, so as long as the sales out pace the inventory growth, progress is being made. The Condo market, included in these figures, remains a disaster, signaling single family homes may be faring better than the overall figures show.
Affordability is quite attractive for would be buyers as interest rates remain historically low and prices of homes have fallen to levels not dreamed about three years ago. Unfortunately, credit remains a significant issue, even with the actions of The FED and the federal government.
FOX Business Network's Alexis Glick discusses the housing market with Spencer Rascoff of Zillow.com. Take a listen.
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