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Jacksonville Pre Foreclosures Make City 3rd Most Affordable

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By : John Cutts    99 or more times read
The continued surge in Jacksonville pre foreclosures is one of the major drivers of the improvement of housing affordability in the metro area, based on community and household studies by a business analyst and on foreclosure studies by a research firm.

Foreclosure filings in the Jacksonville metro area surged by 1.23 percent compared to the first quarter last year to 7,814 filings in the first quarter this year, equivalent to one foreclosure filing for every 76 residential units in the metro area.

Last year, total filings in the area reached 26,537 filings, representing 4.5 percent of all Jacksonville households and marking a 56-percent jump from the previous year. The high rate of foreclosure in the area put Jacksonville 26th in a ranking of more than 200 metro areas based on foreclosure rates.

In a ranking of metro-area housing affordability, Jacksonville ranked third in Florida and ranked 25th among the 52 major housing markets and 309 other markets surveyed. Its house value per $1,000 of family income was only $3,719.29. The most affordable market in Florida in the survey was Pensacola and the second most affordable was Lakeland. The least affordable in Florida was Key West, with a home value-income ratio of $10,773.20.

In March, the increased pace of Jacksonville pre foreclosures helped pushed down the median price for previously owned single-family houses to $141,400, a drop of 3 percent from the $146,400 median in March last year. The median sales price for condo units also fell to $84,500, a steep plunge from the $128,100 median one year before.

In May, foreclosure auctions in Florida will include online auctions held by counties and by private auctioneers like Jacksonville-based LPS Auction Solutions. LPS will hold an online auction to sell off foreclosed single-family houses, townhomes and condos located in the cities of Florida, Georgia, Louisiana, Ohio and Washington.

In March, the number of houses foreclosures for sale in Florida rose to 8,643 units, a jump of 23.6 percent from total February REOs and a high jump of 40.1 percent from total REOs in January. The rate of increase in REOs between the months of January and February, meanwhile, was 13.34 percent.

In addition to posting 8,643 repossessed units in March, Florida also posted 30,795 lis pendens filings and 19,629 foreclosure sale notices, a significant number of which were Jacksonville Pre Foreclosures. Total foreclosure filings in Florida in March reached 59,067, marking a jump of more than nine percent from the previous month.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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