Heads up on new home prices in NE Florida (Jacksonville: credit score, loan)

[riveree]

There's a lot of doom and gloom reporting out there, no doubt. When you look at the big picture across many markets, yes, things are looking really bad.

But there are variations within the theme. Jacksonville has taken a hit like elsewhere, but homes are selling here - both new construction and resales.

If someone does not know what they want or where they want to live, then sure, rent for a year. But if you know what you want and you plan to stay put for a few years, then you might as well take the plunge. Rates are still low and that won't last forever, and yes, it's a buyer's market and the current prices reflect that, there are some deals out there. Sitting on the sideline might actually prove to cost more in retrospect.

[surferr]

Originally Posted by riveree

Even here on our little forum , we see a small but steady flow of people relocating to Jax/Jax area who are researching neighborhoods and buying homes.

As Shaken said, there are some homes on the market that need to be flushed out in order to see the true picture. We've all seen those homes that sit on the market forever because they're priced too high while others are priced right and they move fairly quickly - I've seen this contrast in my own neighborhood, as I'm sure many of you have.

It's pretty amazing what your money can buy right now in Jacksonville.

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Compared to the areas the Navy has had me living, Jacksonville is a bargain. San Diego, CA. Pacific Grove, CA. Ventura CA.
And I pay over $8000 in taxes on my $350000 house in Philthy. Closing on it at the end of this month (Phew)
I feel very fortunate to be buy something so close to the ocean for under $400000.

[riveree]

Originally Posted by surferr

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Compared to the areas the Navy has had me living, Jacksonville is a bargain. San Diego, CA. Pacific Grove, CA. Ventura CA.
And I pay over $8000 in taxes on my $350000 house in Philthy. Closing on it at the end of this month (Phew)
I feel very fortunate to be buy something so close to the ocean for under $400000.

Congratulations on your new home .

Thanks for your personal story, I think it gives some hope to home sellers that there are buyers out there...maybe they're taking their time and being more selective, but buyers are shopping.

[lazy_d]

In Depth: America's Next Foreclosure Capitals - Forbes.com

[Magnolia Bloom]

Originally Posted by riveree

I too think that a new American era is on the rise and a change in how we approach housing is only the tip of the iceberg.

I used this quote in a post in Other Topics. You are so right.


//www.city-data.com/forum/other...ml#post6597018

[Joe 4520832257]

Originally Posted by lazy_d

In Depth: America's Next Foreclosure Capitals - Forbes.com

Okay, people need to stop posting this story without explaining it. It doesn't mean what you think it means!!

Jacksonville is ranked as the next "capital" because it will have the highest percent increase in foreclosures. Not the highest foreclosures. Not the highest per capita. None of that.

Since Jax has such a low forclosure rate, the moderate uptick is a higher percent increase than in all these other cities who have it worse.

In Florida alone, Jax is projected to have significantly lower forclosure rates that Miami, Orlando, Naples, etc. etc.

[lazy_d]

Originally Posted by Joe 4520832257

Okay, people need to stop posting this story without explaining it. It doesn't mean what you think it means!!

Jacksonville is ranked as the next "capital" because it will have the highest percent increase in foreclosures. Not the highest foreclosures. Not the highest per capita. None of that.

Since Jax has such a low forclosure rate, the moderate uptick is a higher percent increase than in all these other cities who have it worse.

In Florida alone, Jax is projected to have significantly lower forclosure rates that Miami, Orlando, Naples, etc. etc.

So its "contained"?

[riveree]

Originally Posted by Joe 4520832257

Okay, people need to stop posting this story without explaining it. It doesn't mean what you think it means!!

Jacksonville is ranked as the next "capital" because it will have the highest percent increase in foreclosures. Not the highest foreclosures. Not the highest per capita. None of that.

Since Jax has such a low forclosure rate, the moderate uptick is a higher percent increase than in all these other cities who have it worse.

In Florida alone, Jax is projected to have significantly lower forclosure rates that Miami, Orlando, Naples, etc. etc.

Here's some stats from the article:

1. Jacksonville, Fla.
Foreclosures as percent of all homes: 0.32%
Mortgage write-off rate 2008: 2.39%
Mortgage write-off rate 2009 (projected): 2.76%
Percent change: 15.4%
Job growth 2008: -0.9%
Job growth 2009 (projected): -0.3%


What I have been reading from the beginning of the downturn is that Jax would be one of the last Florida cities to be affected and it would recover as one of the firsts....so it would seem we're pretty lucky here .

[riveree]

Originally Posted by HIF

I used this quote in a post in Other Topics. You are so right.


//www.city-data.com/forum/other...ml#post6597018

Aw, thanks !

[Joe 4520832257]

Originally Posted by riveree

What I have been reading from the beginning of the downturn is that Jax would be one of the last Florida cities to be affected and it would recover as one of the firsts....so it would seem we're pretty lucky here .

Exactly! Jax is projected to do much better than other Florida cities.

For some strange reason, the Forbes survey ranked by an unusual criteria that has no direct relationship to the actual number of foreclosures.