Jacksonville Real Estate Market

Jacksonville, Florida



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Florida REO Homes

Posted on | June 2, 2010 | No Comments

Florida REO Homes sales have remained high throughout the housing sale recession. Current opinion is that the foreclosure crisis has not ended and that a more “normal” housing market will not return until 2013. A recent survey conducted by two very popular real estate web sites (RealtyTrac and Trulia) indicated that the attitude of real estate buying consumers towards the purchasing of foreclosed homes is changing. A whopping 78% of the adults who had been surveyed thought that there were negative sides to the purchasing of foreclosed single family homes. In general, there was less interest in buying REO’s (real estate owned by the bank after a foreclosure) and Florida REO Homes in comparison to one year previous while the number of actual sales of bank repossessed units together with foreclosure auction sales continues to rise!

From the same surveys, 18% of those taking the surveys were hoping that the banks large unreleased inventories would force the banks to offer greater discounts on the homes they were releasing to the public. Meanwhile, directly related to these findings we can note that the number of new delinquent borrowers has begun to decline. This may indicate that the lenders speed for disposing their assets of foreclosed houses is not threatening existing home owners nor the general housing market industry. It would be safe to say that now that the government’s tax credit program has ended that the target buyer market for REO’s will return to the hard core real estate investors.

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