Foreclosures in Duval County, Florida Remain Unchecked.
Jacksonville, Florida, the largest city in the state and the twelfth most populous metropolitan area in the United States, continues to struggle with the ongoing foreclosure problem. Jacksonville retained its dubious rank as the metro area with the 27th highest number of foreclosures in the nation during the first quarter 2008, according to RealtyTrac Inc.
Fourth quarter filings were up 27 percent from the same time frame in 2007 and 64 percent from the first quarter 2007. With 4,557 filings reported in the first quarter 2008, one in every 125 households was in some stage of foreclosure. Robert Jackson, a lifelong resident and real estate broker with over 40 years of experience offered some a unique snapshot of what is happening in Duval County and Jacksonville in particular.
When asked to summarize Mr. Jackson responded by stating that the current situation, and the chances of stopping foreclosure in Duval County, is severe and is likely to remain that way at least until the end of 2008. The root cause of the problem has followed the same course as the rest of the country in that a combination of falling property values, over-building which created an overabundance of available homes, which coupled with adjustable rate mortgages (ARM's) resetting are all severely affecting the local real estate picture.
The typical residences in foreclosure in Duval County are the working class and affluent. Not one level of society has been untouched by the rising numbers of foreclosures. Since the beginning of the foreclosure some two years ago the numbers continue to rise, and Mr. Jackson believes the peak hasn't been reached yet.
With construction at an all-time low and over 16 months of homes in the local MLS supply the situation appears grim, and it is. Things are going to bet worse before any positive change is seen. All that's left now is to see just how much damage Duval County, and Jacksonville in particular has left to endure.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |