At the moment, the foreclosure rate across the country is continuing to decrease, and at the moment we have the lowest foreclosure rate we’ve experienced since the housing crisis of 2008. This data is according to Black Knight Financial Service’s.
Since 2008, Florida has been especially hard hit. The sunshine state has the third highest rate of foreclosures, with just under 12 percent of home owners falling behind in their mortgage payments. Thankfully, that number has come to a halt.
According to the analytics firm based out of Jacksonville, Florida, the state as a whole is doing a lot better. Florida is the top state in the entire nation for foreclosure rate improvement. Here in Jacksonville, there are a lot of reasons for this. To start, there are a lot more people who are interested in property sales in Jacksonville, and that creates opportunities to sell for those who don’t want to remain in their homes any longer.
In the past six months, the foreclosure rate in Jacksonville has dropped by about 20 percent. This isn’t quite as high as the national average. Some states experienced a 40 percent drop annually since 2008, which allowed them to make a much faster recovery from the burst of the housing bubble. Of course, not all of those states had similar circumstances to Florida, who was nearly the center of housing growth and development between 2005 and 2008. After the bubble burst, there were some communities in Florida who essentially turned into ghost towns thanks to the high foreclosure rates.
It is exciting to see those same communities beginning to thrive, and that makes it a great time to take advantage of what Florida foreclosures remain for sale. Contact us to find a property sale near you.