Florida has been one of the states hit the hardest by the recent downturn in the housing market. As a result, homes foreclosure has been increasing steadily in the last several months. Of all the cities, Orlando foreclosures have been particularly high which is bad news for Florida and for home owners, but it can be positive for buyers looking to take advantage of the high rate of homes foreclosure in the state.

According to RealtyTrac, Inc., Florida had the fourth highest rate of homes foreclosure in the United States. Currently, one in every 78 homes in the state has gone to auction or returned to the housing market. That statistic means homes foreclosure in Florida is double that of the rest of the United States. Most of the major cities in Florida have been hit hard, too. In fact, Orlando foreclosures ranked 13th in a ranking of the top 100 metro areas in the U. S. which have seen a severe downturn in its housing market. Only Fort Lauderdale and Miami ranked higher on the list of homes foreclosure rankings.

Because of changes in the housing market, it truly has become a buyers housing market. Orlando foreclosures have let to an abundance of homes available which can be purchased for considerably less than what they would cost only two or three years earlier. As a result, more buyers than ever are looking towards those Orlando foreclosures as the way for them to finally purchase prime Florida real estate at an affordable price.

One of the best reasons to consider Orlando foreclosures specifically is because of the city’s proximity to so many great family-friendly attractions. Sea World, Walt Disney World, and Universal Studios parks are all located very close to the city and have ensured a continuous stream of tourists. The weather is also wonderful with low temperatures in the fifties even in the winter months. The temperatures in the summer are much higher.

Homes foreclosure has made it possible for more home buyers to purchase Orlando foreclosures on the housing market for less than you might imagine. Not only is the area an excellent place to call home, especially for families, but the property can be a good investment as well. Many properties in Orlando are rented out during busy tourism seasons, including the hot summer months, and home owners can literally earn enough through the rentals to bay their entire mortgage.