JACKSONVILLE, Fla. – The sight has just become common place – foreclosures. Here in Florida, we’re more than familiar with them and now a new study is backing that sentiment up.
According to RealtyTrac, for the first time in seven years Florida is leading the nation in foreclosure rates. The data shows one out of every 117 homes in the Sunshine State is dealing with a foreclosure filing.
Duval County isn’t immune.
"Based on numbers compared to last year at this time, the foreclosures look like they've pretty much doubled,” said Lesley Vitel of Keller Williams Realty.
But on the flip side, the national market seems to be turning around. The same RealtyTrac report shows nationwide foreclosure activity dropped to a five-year low.
So, why is there such a discrepancy?
Vitel believes part of the reason is Florida is a judicial-foreclosure state.
"I think one of the reasons is we're still seeing backlash from the robo-signing where everything's slowed down,” said Vitel.
But she believes we may have hit the bottom. According to Vitel, local property values are finally starting to rise and she’s seeing more buyers than inventory.
"I expect that number to go down in the near future. It’s still the American dream to retire in Florida at the beach,” she said.
To read the complete report just go to: http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2012-us-foreclosure-market-report-7424