Wednesday, February 4, 2009

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.

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