Some quick general housing stats: prices haave fallen as much as 35% from 2006 and are up again 24% after a post-bubble slump in 03/12. The rate of foreclosure starts fell to its lowest level in 8 yrs iin the 4th quarter of 2013. Higher prices allowed delinquent homeowners to sell without a loss, according to Mortgage Bankers Assoc. No doubt, the suspension (temporarty as many hope) of the Mortgage Debt Relief Act ,which basically allowed people to sell their homes at a loss without owing IRS income taxes on the "unearned" income, has also helped slow down short sales as people retrench.
An interesting note on the effect of rising prices. Did you know that the Blackstone Group LP(BX) had been spending more than $900 million a week in 2013 buying up property? According to Jonanthan Gray,, global head of real estatae for the firm ,their aquisition pace has declined 70% from its top last year, after having been, for while, the biggest U.S. single family landlord. Investors have been crdited, even by Obama, for finding the bottom of declining prices an, but consumer advocates now blame htem for soaring prices in some cities - you can't win!!
Good news for Northeast Florida! According tooRelator.com ,Jacksonville ( which always has a spin-off effect on the surrounding areas,especially St Johns County with its much awarded education system) is in the top 10 Market for 1st time home byers, the factors being market popularity, prices, time on the market and employment opportunities. Inventory is up, sellers are coming out of the woodwork and there are plenty of programs out there to help these buyers!
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