While having just one home foreclosure in the neighborhood or town is never a good thing for residents, there are encouraging numbers that have been released lately. In Florida, there are new figures out pertaining to home foreclosure. The latest numbers may not be seen as the best news, but they show an upswing in the local economy and home value news.
The latest numbers specifically address the Jacksonville area. They point to falling foreclosure rates for the third quarter of 2013. Previously, the Jacksonville area had the highest home foreclosure rate in Florida. Now with the new figures, it has the fifth highest rates for cities with a population of 200,000.
Prices of homes in the Jacksonville Florida area have risen, which has helped to slow the overall foreclosure rate for local homeowners. In Aug. 2012, the median home price was $110,000. This past August, that price rose to $135,000.
While there is no quick fix and the economic outlook may not be improving fast enough for everyone, the bright spots point to a marked improvement in Florida. Home foreclosure rates can be an indicator of how any area is improving after a recession. However, if someone is facing home foreclosure in Florida, there may be state and federal programs that can help them hold onto their homes. It is vital that any homeowner in the Florida area know how home foreclosure works and how the process may affect their credit, their financial future and their ability to get another home in the future.
Source: news.wjct.org, MAP: Jacksonville Foreclosure Rate Down In New Data, Cyd Hoskinson, Oct. 10, 2013