While Florida foreclosures drop, Jacksonville foreclosures remain high

By August 13, 2012Traditions Property Blog

The number of foreclosures in South Florida is on the decline, but the Jacksonville area remains one of the highest areas for foreclosure in the United States. This news comes with mixed emotions for a lot of people. Last month the rate of foreclosures in South Florida dropped 15 percent, which might make a lot of otherwise skeptic potential buyers become a bit more willing to make an investment in purchasing a home. However, a high foreclosure rate opens the door for big investment opportunities for others, and in Jacksonville foreclosures are at one of the highest rates in the nation.

In the beginning of 2011 Jacksonville ranked 27th in the nation for foreclosures, but as of July 2012 the River City is considered 14th in the United States for the most foreclosures. Despite the drop of Florida foreclosures in the southern counties, Florida is still third in number of foreclosures in the nation, with two major cities (Jacksonville and Tampa) placing in the top 15 cities nationwide for foreclosures.

Opportunities to Buy Are Abundant in Jacksonville

Due to the slow course of bank processing, the number of foreclosed homes on the market nationwide is smaller than some experts claim it should be, and rates of sales are down this summer between three and five percent across the United States. Jacksonville is not suffering from this problem, but instead is filled with opportunities to both purchase and rent affordable homes.

Foreclosed homes are a prime opportunity for demographics like first time home buyers and those looking to obtain rental properties, and that means that Jacksonville has plenty of property opportunities for those looking to buy.

Property sales among first time home buyers is on the rise, with last month’s national rate of first time home buyers over 20 percent greater than it was last year. For the past three years, investors and first time home buyers have dominated the market, making up well over 50 percent of property sales across the United States.

Last month alone there were over 2,000 foreclosures filed in the Jacksonville metropolitan area. It is difficult to say when a shift in the growth of foreclosures will occur and if the number of foreclosures in the city will continue to rise or eventually even itself out. If you are interested in purchasing a home, finding a new investment property or finding a rental home while you debate the nuances of the market and the different areas of Jacksonville, talk with a property management and sales real estate specialist in Jacksonville.