Los Angeles, CA --- April 4, 2011 --- Large numbers of foreclosure listings in Jacksonville are expected to hit the housing market in Duval County, Florida. RealtyStore.com performed a foreclosure market analysis and found only 35% of all REO property owned by banks and government entities are listed for resale in Duval County. The vast majority (65%) of total foreclosures recorded in Duval County, and metro-Jacksonville, are pending listing. Bank foreclosures make up the largest percentage of foreclosed houses in the area, where foreclosure listings are priced at a median price nearly 50% below the overall market home price.
"Florida has been especially hard hit by the housing crash, and based on pending foreclosure listings, recovery is yet to be seen around Jacksonville," noted Tim Chin, CEO of RealtyStore. "The inventory of active foreclosure listings in Duval County, Florida will continue to build dramatically unless buying activity picks up in the near term. In addition, our foreclosure counts only consider completed REO activity, that is, banks, lenders and government entities now hold title to all the homes we reviewed. Additional inventory may build with more homes which are either just entering the foreclosure process or are still working through the stages of default."
RealtyStore reviews the latest prices of foreclosure listings nationwide. The study of Duval County foreclosure listings revealed a median price of $72,000, which is 49% below the Duval County market median list price of $139,900. Government owned foreclosures, marketed for re-sale by Fannie Mae, Freddie Mac, HUD homes and the VA, post a median price of $81,900, or 41% below market in Duval County. Banks are remarketing REO foreclosures at lower prices. Duval County bank foreclosures currently show a median list price of $69,000, or 51% below the local overall market median price.
Bank foreclosures dominate the gross number of foreclosure listings in Jacksonville Florida and Duval County overall. List prices start at $5,500 and break out as:
- 44% between $5,500 and $59,000
- 32% between $60,000 and $120,000
- 15% between $121,00 and $180,000
- 5% between $181,00 and $240,000
- 4% greater than $241,000
In terms of gross numbers, the VA holds 29 REO properties, HUD homes has 64, while Fannie Mae ( OTC: FNMA ) / Freddie Mac (OTC: FMCC) inventory stands at 401 foreclosed houses in Duval County. Banks hold a much larger number of foreclosure listings, with 1,869 REO foreclosures in their property portfolios locally. Of these inventories, a total of 817 foreclosures are actively listed for re-sale, with 1,546 pending listing. Banks are currently marketing 487 foreclosed homes, and have 1,382 more pending listing. Government sponsored entities are marketing 330 foreclosures with 164 still pending listing.