Jacksonville Foreclosure Rate Puts City at #17 in U.S.
The high rate of Jacksonville foreclosures succeeded in vaulting the city to a #17 ranking on the list of cities nationwide with the highest foreclosure rates in May, up 23 positions from its #40 ranking just one month earlier.
RealtyTrac reported the jump, with one analyst saying that while Florida’s markets are generally more volatile due to the state’s judicial foreclosure system, it is unusual to see such a marked change in one month.
May was the first month that Jacksonville was in RealtyTrac’s Top 20 U.S. cities with the highest rates of foreclosure. In May, the Jacksonville metro area jumped 57 percent from April, and 42 percent from May of 2009.
Jacksonville had 2,805 foreclosure filings in March, and the foreclosure rate dipped to 2,415 filings in April. Jacksonville foreclosure filings in May jumped to 3,789, the highest by far in 2010.
In addition, recent data from the Real Estate Strategy Center of North Florida shows that 95 percent of the homes sold in Jacksonville went for less than their purchase price.
Jacksonville homeowners facing foreclosure can learn more about the Florida foreclosure process and their legal options in avoiding foreclosure by consulting with a Jacksonville foreclosure lawyer.
Greg Gilbert
Keith Maynard
