The "robo signing" roadblock heavily slowed the banks' willingness to move forward on foreclosures, but the times have changed.  Nationwide, reports are popping up that foreclosures are back on the rise and Jacksonville Florida is not spared.

Foreclosures rise 22% in Jacksonville in the 3rd Quarter

Jacksonville Business Journal Story Link

That's 22% increase from the 2nd quarter for the entire North East Florida area.  That's a big increase!  The numbers are now 4,517 homes in North East Florida are now in some stage of foreclosure.

This sudden bump up in foreclosure activity tells me the banks are getting serious about ripping off the band aid.  I anticipate we see even more foreclosure activity in the next 12 months as banks stop stalling and start working through the non-performing loans.

What does this mean for you?

Jacksonville Home Buyers: More inventory typically means lower prices.  The great think about short sales and foreclosures is that the listings are usually priced appropriately for today's market.

Jacksonville Home Sellers: You will have increased pricing pressure, but if you have equity in your home, you have a great angle that the foreclosures and short sales don't have.....a fast closing!  Many buyers are purposely avoiding short sales and foreclosures due to the time it takes to purchase the home, however they still want to buy at today's market value.  Price aggressively!

Owners not making payments: Short sale now!  The bank isn't going to be as lenient in the near future and some Florida law makers are starting to pressure for faster, more efficient foreclosures.  Make no mistake, the bank doesn't want the house and they are absolutely working with us on short sales every day, but they also aren't going to just sit around and wait any longer as they want action to either sell the house and take the loss or have you start paying again asap.

Posted by Brad Officer on
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