Jacksonville Home Prices Decline

Overall home values in Northeast Florida fell 11.6 percent in 2008, according to the latest data from Zillow.com.

Median home sale values fell to $163,800, compared to the market peak of more than $210,000 in mid-2006, with nearly 30 percent of all homes selling at a loss.

Single-family home values fell 11.2 percent, while condo values fell 17.3 percent.

Nationwide, home values fell for the eighth consecutive quarter, declining 11.6 percent to $192,119. That means homeowners lost a cumulative $3.3 trillion in home values during 2008, with $1.4 trillion of it coming in the fourth quarter.

It could be worse! We could be in South Florida where the value dropped 23.5% in 2008. Condo prices dropped 23.9%. It's been reported that more than 34.5% of those homes sold at a loss.

Obama had better do SOMETHING to stimulate the building industry, free up mortgage money and make credit available to buyers or we are going to be in VERY SERIOUS condition in a very short time! Let's not spend Federal dollars on a "wish list" of things that won't do a thing for the Real Estate/Construction industry. Until these industries are back up and running, not much can be done about this economy.

Comments

Rain Rain Go Away From Jacksonville Beach FL!

Okay. So it's pouring down rain again in Jacksonville Florida. Here are some ideas of how to fill those vacation days if it's raining on your Beach vacation. Visit a Museum: Jacksonville is home to several interesting museums. You can explore the Museum of Science and History (MOSH) or the Cummer Museum of Art & Gardens. Both offer engaging exhibits and collections that can keep you entertained and educated. Indoor Trampoline Park: Head to a local indoor trampoline park like Velocity Air Sports. These parks typically have a variety of activities such as trampolines, foam pits, dodgeball, and obstacle courses. It's a great way to stay active and have fun even when it's raining outside. Bowling: Enjoy a friendly game of bowling at one of the bowling alleys in the area. Bowl America Southside is a popular option where you can have a good time with friends or family. Escape Room Adventure: Challenge your problem-solving skills by participating in an escape room a

Proof that the Real Estate Picture is being sugar coated

I have been watching our own little world right here in Jacksonville. The press releases and the information that I kept hearing just didn't match up with what I was reading right on our own MLS! I knew the national story was bleak too after spending countless hours in newsgroups and doing research. I came across this article and thought it was finally giving some concrete numbers to the dreary picture I have been seeing. See if you don't find the article below VERY credible. Closing Data : We purchase and compile actual home closing data for approximately 181 counties across the country, which captures the counties where about 55 percent of the U.S. population lives and a significant percentage of all of the counties where the large home builders are active. This data shows that sales have fallen 22 percent if you compare sales over the last 12 months to the prior 12 months. On a straight year-over-year comparison, the decline is much more. Mortgage Bankers Association (MB

Jacksonville Beaches Real Estate

Search This Blog