Orlando short sales: Prices up 12%

[Nick Gromicko]

The median price of homes sold in Orlando during December 2011 ($118,000) was 12.38 percent higher than the median price in December 2010 ($105,000). During 2011, Orlando's median price climbed 24.34 percent from a low of $94,900 in January to a high of $118,000 in December. The median price of "normal" sales that closed in December 2011 was $159,900 (representing a decrease of 0.06 percent compared to December 2010). The median price for short sales in December 2011 was $105,000 (an increase of 10.53percent compared to December 2010), and the median price for bank-owned sales in December was $80,000 (an increase of 6.67 percent compared to December 2010).

[William C. Chandler]

that just means the banks will be more willing to foreclose which in turn will drive prices back down. with nearly one million in the pipeline in FL, this situation could get scary real soon