Over the past five years many people have turned to investment property in an attempt to maximize their profit potential during the housing crisis. They’ve done this by taking advantage of short sales and foreclosures in Jacksonville and throughout Florida. In Jacksonville, there are still plenty of foreclosures available, meaning that Jacksonville residents can still take advantage of these investment opportunities.
Jacksonville was designated the foreclosure capital of the United States in July of 2013. Between July of 2012 and July of 2013 there was an increase of 24 percent in the rate of foreclosures. Between June and July of 2013, the foreclosure rate went up almost 20 percent.
Four other Florida cities have rounded out the other towns in the top five for foreclosure cities in the United States. Among them are Miami, Port St. Lucie, Ocala and the Palm Bay- Melbourne area. This means that the five cities with the highest rate of foreclosure are all in Florida, providing Florida residents with plenty of opportunities for investment property purchases.
Why Invest in Foreclosures?
Foreclosures are an excellent investment opportunity. When a home goes into foreclosure you are presented with the opportunity to purchase that property at a greatly reduced price. This opens the door for rental property opportunities, as well as gives you the chance to purchase property that can later be sold at a higher rate.
A high foreclosure rate is not always looked at as a negative thing. While a large amount of foreclosure properties indicates that people in the Jacksonville community are losing their homes out of economic hardship, they also present a valuable opportunity for other people who might not have the resources to invest in the housing market otherwise. Foreclosures help people to buy homes at a price much lower than would typically be possible.
There are plenty of foreclosures currently available here in Jacksonville. To learn more about foreclosure and investment property opportunity, and to find out how you can go about securing one for yourself, contact us.