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Existing homeowners in different parts of the Sunshine State including Jacksonville are facing a reversal of fortune with higher interest rates, more delinquencies and increase in the number of foreclosed homes. If this goes on for too long then there might not be any takers for some of the bank foreclosures in the state. The repository of such homes is increasing and there are very few investors and to make matters worse, more and more homeowners are failing to make their mortgage payments.
The rate of foreclosures in Florida hit an average of one per 283 homes in 2006-07, which is almost 16% less as compared to 2005-06 even when the national average increased by 25% and recorded a rate of one per 425 households. In fact, Jacksonville, Florida documented a high rate of foreclosure in spite of being in the below-average unemployment category as well as the above-average home price appreciation category.
Jacksonville bank foreclosures have been high since the start of 2006 and carried on well into 2007. The number of Jacksonville foreclosure homes in January, 2006 was 1,436, in February it was 912 and increased in March to 1,231. In the first quarter of 2006, Jacksonville recorded 18,402 homes in foreclosure.
Some of the counties in the Jacksonville recorded high foreclosure rate, which eventually led to the increase in the number of Florida repossessed homes. One of the top counties was Duval County, which recorded a foreclosure rate that was twice the state average in the second-quarter of 2006. The average in Duval County showed that there were around 2,018 homes that were registered to be in a particular stage of foreclosure and the average rate was one per 163 homes.
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