Jacksonville Foreclosures Soared 56 Percent, Cut Prices Down

Jacksonville foreclosures in the residential sector soared in 2009 and in January this year and continued its downward pressure on home prices, based on data from foreclosure tracking firms. In 2009, a total of 26,537 households in Jacksonville, the largest city in Florida, were hit with delinquency and foreclosure notices, marking a substantial jump of 56 percent from filings in 2008 and a 178-percent jump from filings in 2007. The number represented 4.5 percent of all households in the city and put Jacksonville 26th in a ranking of metro areas with the highest paces of foreclosure. Similarly, residential foreclosures in Florida soared by 34 percent from 2008, posting an overwhelming total of 516,711 foreclosure filings, the second-highest number posted by a state in 2009. The top number was posted by California, where 632,573 households were hit with foreclosure and default notices. In January this year, Florida posted more than 47,000 foreclosure filings, including 6,169 banks…
Source: www.realestateinvestor.com

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