Jacksonville and Florida Foreclosure Rates See Improvement

Sometimes everything in the news can seem pretty negative. It is good to get some good news once in a while, and even better when it comes from your own communities. Here in Jacksonville, and all across Florida, actually, foreclosure rates are declining and remaining low, according to recent reports. In January of 2015, foreclosure rates for Jacksonville was 1.71% and in 2016 an even lower 1.65%. For those unfamiliar with the term, foreclosure is the process in which a person’s property is collected by the bank or creditors after they fall behind on their mortgage payments.

Although this is higher than the national average of 1.15%, there is still reason for celebration. Counties throughout Florida including Duval & St. Johns counties, have enjoyed several months in a row of foreclosure rates below 2%, meaning less than 2% of all people paying mortgages lost their homes to foreclosure. In the United States, foreclosure rates dipped 16.2% overall, from 46,000 homes foreclosed in January 2015 to around 38,000 the next year.

What Is Causing the Drop in Foreclosures?

Alexis Pierson, the current President of the Jacksonville Board of Realtors, has been quoted as saying countless reasons could be causing the steady drop in foreclosure rates. After all, the housing market is controlled by all forms of economy, from local and state to federal and international. Even the current price of oil can impact the price of homes as companies with interests in both markets raise and lower costs to remain profitable.

Another reason the foreclosure rate is dropping could be due to the work of honest, dedicated foreclosure defense lawyers. When a bank or creditor comes along looking to take away the property of someone who is having financial troubles, Jacksonville foreclosure defense attorneys like the ones you can find at Albaugh Law Firm can allegorically come to the rescue. With our assistance, clients can renegotiate mortgage options, conduct short sales, or file for Chapter 13 bankruptcy to prevent an automatic default judgement on their home.

If you think you might be facing foreclosure, be sure to contact us today and set up a free initial consultation.