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!