Jacksonville, FL: 3rd in nation for foreclosure starts in August 2022!

By
Real Estate Agent with Killebrew & Company Realty, Inc.

Jacksonville Florida foreclosures are back!

A year after the end of the federal foreclosure moratorium that lasted almost two years, Jacksonville, FL foreclosures are back and soaring!

According to Attom foreclosure data, foreclosures nationwide have reached pre-pandemic levels, with Jacksonville, FL #3 in foreclosure rates in the country:


"Metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in August 2022 were: Cleveland, OH (one in every 1,820 housing units); Chicago, IL (one in every 1,877 housing units); Jacksonville, FL (one in every 2,074 housing units); Riverside, CA (one in every 2,091 housing units); and Orlando, FL (one in every 2,445 housing units)."

It was only a matter of time before the Jacksonville FL market started to shift after several years of a raging sellers market. With mortgage interest rates and inflation headed up, buyer demand is waning. The two year backlog of foreclosures from the moratorium still needs to be cleared out, and unfortunately it is at the same time as the last of the forbearance plans come to an end. Many of the millions who took advantage of the forbearance plans are not able to get back on track with their normal payments and will end up in foreclosure. This should only serve to exacerbate the foreclosure situation.

Fortunately, the Florida foreclosure process is very lengthy and you have until the foreclosure sale date to find an alternative solution such as a loan modification, sale or even a Jacksonville short sale. 

Need help with your Jacksonville home sale?

The good news is, it is still a good time to sell. Whether you just want to know what your home is worth, or whether you are already in foreclosure, we can help! 

Jacksonville, Florida Foreclosure Help

 

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Minna Reid is a Jacksonville Realtor and Broker Associate with Killebrew & Company Realty Inc., serving the greater Jacksonville, Florida area and the Jacksonville Beaches. Minna's focus is foreclosure preventionshort sales, and probate sales. Since 2007, Minna has helped hundreds of home sellers and buyers move on to the next chapter of their lives and she has the expertise to get you through even your most complicated real estate transactions smoothly, from listing your property to closing the sale! 
 

Comments (4)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Minna Reid very few of my borrowers have come to me with foreclosed properties, but that is likely to change now with inflation running sky high, and homeowners finding it more difficult to make mortgage payments since their other expenses have dramatically increased in the last two years.

Sep 13, 2022 09:58 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Thanks Bill

Sep 13, 2022 01:17 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Great information to share Minna! Obviously, with conditions like that - opportunities abound!

Sep 13, 2022 02:34 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Jacksonville home buyers and sellers are sure to value your real estate market report, Minna.

Sep 14, 2022 11:42 PM