The Orlando Business Journal reports today that Florida held the #2 position in the nation for foreclosures in 2006, up 26.8 percent from 2005 – when we had the dubious distinction of being #1. That honor now goes to California who, according to Foreclosures.com suffered 157,417 foreclosures.
However, such statistics fail to take account of the many incredibly varied markets that exist in both Florida and California. These are huge states. And Real estate is a local phenomenon – not just from state to state – but within states.
So, these sorts of numbers sit awkwardly with the fact that 2006 was actually Orlando’s second-best year ever. No wonder there’s confusion. The point is, Orlando is not Florida anymore than Hollywood is California.
With investors staying clear of so many overheated markets in recent months, this should be the sort of good news they’ve all been waiting for.