Jacksonville, Florida Foreclosure Market Report: When are all the REO’s returning to market?

Wondering when you'll see more foreclosures (REOs) for sale in Jacksonville?

The foreclosure moratorium that began in Jacksonville March, 2020 finally ended in August 2021, and foreclosures were allowed to resume. How long will it take before we see this newly foreclosed (bank-owned) inventory come to market? 

JACKSONVILLE, FLORIDA FORECLOSURE REPORT:

While you may not have noticed much difference in the inventory of bank owned, foreclosed homes (REO) yet, it's only matter of time:

Jacksonville foreclosures

Foreclosure Starts in Jacksonville, Florida:

ATTOM released its January 2022 U.S. Foreclosure Market Report, which finds 23,204 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions – a 29% month-to-month increase and 139% year-to-year increase.

Jacksonville, Florida foreclosures are up 250% year over year, and continue to grow monthly by double digits.

Jacksonville REO Listings

Jacksonville REO Listings on MLS:

Unfortunately, the increase in foreclosure activity has not yet made any significant impact on the market.

As you can see, sales of foreclosed homes have remained extremely low through the pandemic and even since the end of the moratorium.

If foreclosures are up, why is there no uptick in foreclosed homes for sale yet?

Foreclosure in Florida is painfully slow! The average foreclosure in FL takes over 1,100 days! That means a few years could pass between the time a foreclosure is filed and the property is foreclosed. Furthermore, banks are not always quick to list their REO inventory and may do so strategically. There is currently heavy pressure on banks to work with delinquent borrowers to avoid foreclosure, and workout attempts also prolong the foreclosure process. 

22035723 - stop foreclosure road sign illustration design over a white background

Foreclosed Inventory is on it's way to Jacksonville!

It may take a little while, but within the year we should see a significant change in the rate of REO listings and sales. What remains to be seen is whether foreclosures return to a "normal" level, or the chaos of the last couple years will result in excess foreclosures.

Last Updated on March 25, 2022 by Minna Reid

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