The number of Jacksonville Foreclosures declined in October 2009 but it continued to depress prices of houses in the area. In October the median cost of Jacksonville homes declined to $ 147,200
The number of Jacksonville Foreclosures decreased in October but the median price was only 5% higher than the previous month. The October median was also 13% below the median price the same month, previous year.
The real estate agents negotiated the median cost of $147,200 in October 2009, a 13% drop from median cost in 2008 October. The falling median cost followed the trend begun in November 2008 when median declined to $150,000 from its top value at $200,000 in early 2007.
The number of Jacksonville foreclosures dropped considerably in October, declining by 21% over September. October fall counted for the second straight drop from August peak.
Foreclosure per dwelling stood at one home out of very 218 in October. This gave Jacksonville the rank of 33 among US cities of 200,000 population or more. Orlando was the highest foreclosure city of Florida with one home out of 117.
Jacksonville Foreclosure levels have been spiking and falling intermittently since 2008. The difference between October 2008 level and 2009 level shows a decline of 1 %.
Jacksonville took certain measures to reduce the number of foreclosures and help those afflicted by Jacksonville foreclosures. A brochure was designed for those facing first notice of foreclosure to help them in the process of handling their property. The brochure answers frequently asked questions like, “what to do if I receive a foreclosure notice”, and it gives a list of counseling services and legal agencies.
The US government is spending millions of dollars to fight the foreclosure crisis in five Jacksonville neighborhoods. HUD (Housing and Urban Development) is backing a $26 million ‘neighborhood stabilization program’.
As part of it, expert developers buy the foreclosed homes and renovate them, improving their water and sewage systems, repairing carpet and kitchen appliances. The houses are then sold to attract families in the middle income group of the neighborhood.
The NSP program is expected to improve employment in the housing sector, give affordable housing to poor families and stability to neighborhoods.
Thus Jacksonville foreclosures are a good bargain and are recommended to buy.
HUD Fair Housing Equal Opportunity
