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.