Jacksonville, FL is going through an increasingly alarming growth in foreclosures. According to reports filed by November 2007, Jacksonville was placed 33rd based on the rate of foreclosure. The Northwestern neighborhoods have recorded that maximum number of foreclosed homes for sale. According to the Jacksonville foreclosures report, 3,501 properties were registered as foreclosed, which is rate of one home in every 156 homes.
Florida foreclosures have had an impact due to the rise in the number of foreclosure homes in Jacksonville. By November, it has been seen that the rate was higher by almost 49% as compared to the third quarter in 2006 as well as a 17% increase as compared to the 2nd quarter of 2007.
The zip codes as obtained by First Coast News that led Jacksonville foreclosures include 32209 having the highest number followed by 32218, 32208, 32206 and 32244. These zip codes are the top five in Jacksonville. Three of the zip codes exist in the northern side and together have recorded around 2,000 foreclosure filings till September 2007. This takes the ranking of Florida to third with Ohio ranking second and California topping the list.
The tremors of foreclosures in Jacksonville are being felt by one and all. In fact there has been an increasing growth in the crime rate is looks to be directly proportional to the increase in the number of home foreclosures in the state. One of the highlights is the foreclosure of the Old Henry Barn Restaurant, which gave in after a financial struggle that lasted several years. The property was foreclosed by Colonial Bank N.A. on February 23, 2007 after bidding at $636,413.
The rate of increase in Jacksonville foreclosures is bothering home owners as well as financial institutions like banks and other lenders. The primary reason been singled out are the loans and one thing is for sure: more and more people are falling prey to the loans and then failing to pay it. This causes the lenders to send out notices and the final nail in the coffin is the property or home being foreclosed. On the flip side of it, this good news for new homebuyers and investors. For example: a property costing $150,000 in the Southside of Jacksonville is available in the Northwest side for $80,000. This goes on to show that the amount you might pay for a foreclosed home will also vary from area to area.
Florida foreclosures have had an impact due to the rise in the number of foreclosure homes in Jacksonville. By November, it has been seen that the rate was higher by almost 49% as compared to the third quarter in 2006 as well as a 17% increase as compared to the 2nd quarter of 2007.
The zip codes as obtained by First Coast News that led Jacksonville foreclosures include 32209 having the highest number followed by 32218, 32208, 32206 and 32244. These zip codes are the top five in Jacksonville. Three of the zip codes exist in the northern side and together have recorded around 2,000 foreclosure filings till September 2007. This takes the ranking of Florida to third with Ohio ranking second and California topping the list.
The tremors of foreclosures in Jacksonville are being felt by one and all. In fact there has been an increasing growth in the crime rate is looks to be directly proportional to the increase in the number of home foreclosures in the state. One of the highlights is the foreclosure of the Old Henry Barn Restaurant, which gave in after a financial struggle that lasted several years. The property was foreclosed by Colonial Bank N.A. on February 23, 2007 after bidding at $636,413.
The rate of increase in Jacksonville foreclosures is bothering home owners as well as financial institutions like banks and other lenders. The primary reason been singled out are the loans and one thing is for sure: more and more people are falling prey to the loans and then failing to pay it. This causes the lenders to send out notices and the final nail in the coffin is the property or home being foreclosed. On the flip side of it, this good news for new homebuyers and investors. For example: a property costing $150,000 in the Southside of Jacksonville is available in the Northwest side for $80,000. This goes on to show that the amount you might pay for a foreclosed home will also vary from area to area.
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