Real Estate in Northeast Florida and Around the World

A funny thing happened on the way to the courthouse....not really.  Foreclosure is never a funny thing, and I do not want to be flip about it.  Many families have lost their homes and with that, part of their dreams and that is always sad to see.  Duval County has had more than its fair share of foreclosures, but after seeing the latest market data released by the Northeast Florida Association of Realtors, we may be seeing an encouraging trend.

A quick pull of all recorded foreclosures - not just those that are listed within the Multiple Listing Service - is quite revealing.  Between the time period of January 1, 2010 to June 1, 2010, there were 2,351 foreclosures recorded in the Duval County Clerk of Courts.  Let's look at the same time period in 2011.  From January 1, 2011 to June 1, 2011 there were only 902 foreclosures recorded.  Yes, that is still a lot of homes entering the market as distressed sales, but to put this number in perspective, let's look at the period from January 1, 2005 - June 1, 2005, a time when everyone would agree was a "boom" time in the economy.  How about 406 foreclosures during that time period in 2005? 

Seeing how we have reduced the number of foreclosures to over half the amount in a year's time, and that we are nearing the foreclosure mark that is seen during a boom economy, I think that it is safe to say that the housing markets are definitely stabilizing.  "Are we there yet?", as the children in the backseat say when they don't know the way?  Not yet, but we are getting close.  Just sing another round of "She'll Be Comin' Round the Mountain" and we will be there before you know it.