Orlando Real Estate A Steal
The value of homes in the Orlando area has fallen 20.7 percent from the previous year. The numbers released by the Zillow report (released February 3, 2009) confirms that there has not been a better time in the last 5 years to pick up a deal on Orlando real estate.
The report shows the current value for all homes in the Orlando area was $172,188 by the end of the 2008. Single-family home values were down 20.7 percent to $177,625 and condo values declined 16.2 percent to $130,047.
About 39.8 percent of the homes purchased in 2008 had negative equity and 94.5 percent of homes in the market lost value over the last 12 months, based on Zillow values. The report estimated that 35.5 percent of homes sold in the Orlando area were sold for a loss.
Nationwide, home values fell for the eighth straight quarter, dropping 11.6 percent to $192,119. That means homeowners lost $3.3 trillion in home values during 2008, with much of it coming in the fourth quarter.
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