Florida foreclosure overview
According to RealtyTrac‘s January 2017 report, 1 in every 1,149 homes in Florida is in the process of foreclosure, which is 19% lower than December 2016. Baker County had the highest foreclosure rate in the state, with 1 in every 369 homes.
In January 2017, foreclosure rates were also 32% lower compared to January 2016. Across the United States, the share of homes in foreclosure fell 12.94% year over year.
According to Credit.com:
Much of the decrease came from a decline in foreclosure starts (default), which fell 11.55% from December and 20.11% from January 2016. A significant portion of foreclosure activity came from banks purchasing foreclosed homes — the end of the process.
2017 housing market predictions
Forbes released an article outlining predictions from experts tracking the housing market in 2017:
- Home sale prices will continue to rise slowly, around 5.3% compared to 2016.
- Affordability will worsen due to a shortage of homes for middle-income buyers.
- Mortgage rates will increase, pushing more people toward renting.
- Credit availability may improve for a broader range of buyers.
- Housing supply will remain tight but could improve depending on policy changes.
- More millennials will become homeowners as inland markets become more affordable.
- Competition in the housing market will increase.
- Policy uncertainty may replace political uncertainty.
Northeast Florida foreclosure rates
- Nassau County: 1 in every 1,003
- Duval County: 1 in every 1,339
- St. Johns County: 1 in every 1,900
- Clay County: 1 in every 997
- Putnam County: 1 in every 659
- Flagler County: 1 in every 1,282
Duval County breakdown
In January 2017, Duval County saw a 44% decrease in foreclosure filings compared to December 2016 and a 60% decrease compared to the same time the previous year.
- Jacksonville: 1 in every 1,297
- Atlantic Beach: 1 in every 1,160
- Neptune Beach: 1 in every 3,584
- Jacksonville Beach: 1 in every 1,958
More local information
If you live in Northeast Florida and would like more information about local foreclosure statistics, or if you need legal assistance with a foreclosure filing, contact a Jacksonville real estate attorney at Wilkes & Mee.
