Orlando’s Foreclosure Rate Appears to Be Dropping
To fight against the possibility of delinquencies and other loan repayment problems, banks and lending companies need the automated application processing solutions that can represent the best level of security and ensure that only creditworthy borrowers received loans.
There seems to be some good news on this front, at least for those who reside in Florida, because the market is reportedly seeing fewer delinquencies and foreclosures, according to information from CoreLogic cited by the Orlando Business Journal.
Previously, the source notes, the area had seen a foreclosure rate of more than 10 percent in January 2013. However, a year later, the amount had dropped by nearly 4 percent, while outstanding mortgage delinquencies decreased by more than 10 percent as well.
Is this also corresponding with an increase in interest for Orlando housing? World Property Channel has noticed a recent jump in the average price for housing in this area, with more than 250 new properties opening up just last month alone.
There may be more locations to go around, but as Zola Szerencses of Orlando Regional Realtor Association said in the source, this still requires vigilance toward the loans that are being dispensed.
“As prices continue to rise, non-distressed homeowners are entering the market and giving inventory a much-needed boost,” he said. “Even so, inventory still remains tight. Desirable homes are selling very fast and often receiving multiple offers.”
To avoid situations in which homeowners become “distressed” in the first place, you may need to employ automated decisioning to assess credit risk during the application process. The market may be recovering, but lenders still have a need to manage risk.