Oh my goodness!!! North Florida is underwater! New data is showing that almost half of homeowners in the Jacksonville, FL area owe more on their loan than their house is worth in the current market. Zillow.com reported that about 48.9 percent of Jackonsonville single-family homes showed negative equity in the second quarter of 2010. Jacksonville homes have lost more than one-third of their value since the peak in August of 2006. The current median price for a home is now at the 2004 levels. It is scary that Jacksonville's negative equity rate is more than twice the national average.What does this mean? More short sales? A longer period of time to recover?
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GRI, E Agent, Certified Distressed Property Expert, International Luxury Specialist, ALC
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