11 May 2011

JAX Foreclosures Fall

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Jacksonville Business Journal – by Ashley Gurbal, Staff writer

April 14, 2011

Foreclosures in the Jacksonville metro area fell 50 percent year over year in the first quarter, according toRealtyTrac.

Duval, Clay, St. Johns and Baker counties had a combined 3,900 foreclosures in the first quarter. That number includes properties receiving first notices, those sold in foreclosure auctions and those taken back by the bank.

Duval County had the most foreclosure actions, at 2,634, or one in every 151 household units. That was still a 22 percent decline from the fourth quarter of 2010, and a 48 percent decline since the first quarter of 2010.

The declines mirror a state and nationwide trends, according to RealtyTrac. The research firm attributed the drop to processing delays caused by legal documents found to have problems. Experts expect foreclosure rates to rise again later this year when the legal bottlenecks are removed around the country.

Florida foreclosure activity decreased 47 percent from the previous quarter and was down 62 percent from the first quarter of 2010 — although the state still posted the nation’s eighth highest foreclosure rate with one in every 152 housing units with a foreclosure filing during the first quarter.

Read more: Foreclosures drop 50% in Jax metro area | Jacksonville Business Journal