Posted On: June 17, 2010
Jacksonville Home Price Recovery Still 10 Years Away
A Jacksonville foreclosure attorney noted that a recent report on home prices in 375 U.S. markets show that home prices in Jacksonville will not recover to 2006 peak price levels until 2020.The Fiserv Case-Shiller Home Price Insights report, compiled by financial services technology provider Fiserv Inc., said that Jacksonville home prices have declined almost 40% since the second quarter of 2006. In addition, the report noted that home prices in Orlando are down almost 60%, and are not projected to recover to 2006 levels until after 2039.
The Fiserv report said that the current home pricing trend in these Florida markets “represents an unprecedented market cycle that will last a full generation from the top of the market in 2006-2007...We see several powerful forces in the market that will severely hinder the housing recoveries of many metro areas, particularly in the hard-hit states of California, Florida, Arizona and Nevada. It will take these markets 15 or more years before home prices climb back to their peaks."
The median home price in Jacksonville as of the third quarter of 2009 was $176,000, down almost 10 percent from 2008.
If you are a Jacksonville homeowner facing possible foreclosure and need to know about all your options, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
