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Jacksonville Home Foreclosures Kept Prices Depressed

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By : John Cutts    99 or more times read
Jacksonville home foreclosures kept house prices depressed in 2009 and in January this year, based on data released by the Northeast Florida Association of Realtors and the Florida Realtors.

In 2009, the median price for previously-owned single-family homes dropped to $152,200, a decrease of 16 percent from 2008. The median price for condos also dropped to $112,100, a decrease of 24 percent from 2008.

In January this year, the median price for all pre-owned homes fell further to $133,990, a drop of 13.6 percent from January last year. The median price for pre-owned single-family homes also dropped to $175,000, a decrease of 1.7 percent. The median price for distressed sales also decreased, making a 22-percent drop to $89,950.

As home prices fell in Jacksonville, total home sales increased both in 2009 and in January this year. Sales of single-family homes in 2009 rose by 21 percent from the preceding year to 12,019 units and sales of condos climbed up by 38 percent to a total of 1,429 units.

Statewide, sales of previously-owned homes increased to 163,148 units, a jump of 31 percent from the 124,168 houses sold in 2008. Sales of condo units rose to 55,985 units, an increase of 47 percent.

According to housing analysts, property values are still suffering from the impact of record numbers of foreclosures. In January this year, the pace of Jacksonville home foreclosures continued its upward direction compared to January 2009. Foreclosure filings in the metro area rose by 16 percent to 2,570 filings, putting Jacksonville 37th in the metro foreclosure rate charts.

The rate of home foreclosures in Florida also increased in January this year compared to last year. Total foreclosure filings increased by 15.5 percent to 47,069 filings, putting Florida fourth among U.S. states in the foreclosure charts.

Foreclosures lists also put a downward price pressure statewide. In 2009, the median price for previously owned homes in Florida dropped to $142,600, a decrease of 24 percent from 2008. The median price for pre-owned condo units dropped by 34 percent from the 2008 median to $108,000.

In Florida, the priciest single-family market in 2009 amid the downturn was the Boca Raton and West Palm Beach area, where the median price was $239,000.

In December 2009, it was the lower-priced Jacksonville home foreclosures that drove the 8.7-percent increase in pre-owned home sales in the area to 1,287 units. Sales of existing homes statewide also increased by more than 4 percent to 14,630 units.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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