Nationwide and Orlando Property Information Roundup for December, 2010

Steadily, there are news stories that affect our Orlando real estate market. Right here are two I need to share with you this month:

Rising Interest Rates Could Get Patrons Moving

Rising interest rates could finally push Orlando real estate buyers off the fence and into the market.

In December, after President Obama agreed to extend tax cuts for 2 years, the financial markets indicated this occasion would most certainly push mortgage interest rates higher.
Analysts predict that buyers will move quickly when it appears like rates are going up and are unlikely to return down. "Once individuals see this may actually be the bottom, they'll go for it," says Paul Dales, U.S. economist at Capital Economics Ltd.

For an example of interest rate increases, note what happened in December, 2010.

" On December 2, the 30-year fixed interest rate hovered round 4.46 percent.
" One week later, on December 9, it was as much as 4.61 percent.
" After I checked on December 26, the 30-year fixed interest rate was up again to 4.875 percent.

Nationwide Foreclosure Rates Fall

Has the real estate market hit bottom? One sign that it has is RealtyTrac's report that foreclosures fell sharply in November. RealtyTrac's November, 2010, U.S. Foreclosures Market Report™ indicated a 21 percent decrease in foreclosures activity from the previous month and a 14 percent decrease from November, 2009.

In line with RealtyTrac, a mortgage analysis firm, foreclosure activity decreased dramatically in November with fewer than 300,000 properties receiving a foreclosure notice for the first time since February, 2009.

Whereas foreclosures usually decrease in November, and we're certain to see a rebound in foreclosure activity, these statistics are not to be dismissed as a result of they present the lowest level of foreclosure activity since November, 2008. Moreover, both the 21 percent month-over-month decrease and 14 percent year-over-year decrease in foreclosure activity have been the highest drops recorded since RealtyTrac started publishing the U.S. Foreclosure Report in January, 2005.

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