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Observations and musings on Jacksonville Politics

Jacksonville: The Nation’s Foreclosure Capital

Flog shares with us the prediction (from Forbes) that we are on track to lead the nation in foreclosures.  (Yet our Mayor declares that we are defying the national economy?)

Forbes Magazine is predicting that Jacksonville will have the highest foreclosure rate in the nation next year because of tanking home prices and accelerating job losses. In a real estate article titled, “America’s Next Foreclosure Capitals,” the magazine said Jacksonville’s foreclosure rate would increase by 15.4 percent in 2009. The magazine compiled its list using the mortgage write-off rate in the 50 largest foreclosure markets, based on data from Moody’s Economy.com and Equifax. In Jacksonville in 2008, the mortgage write-off rate was 2.39 percent, meaning that $2.39 of every $100 of the mortgage market has vanished due to foreclosures. 

 

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3 Responses - Comments are closed.

  1. spidey says:

    The TU ran an editorial today about foreclosures that had some good information for folks who may find themselves facing that situation.

    http://www.jacksonville.com/tu-online/stories/112608/opi_359798569.shtml

  2. […] Depending on which news report you read, the foreclosure capital is Stockton, California, Colorado, Jacksonville, Florida, or Las Vegas, Nevada.   In fact, the way the media covers it, it almost seems like some cities […]

  3. […] Depending on which news report you read, the foreclosure capital is Stockton, California, Colorado, Jacksonville, Florida, or Las Vegas, Nevada. In fact, the way the media covers it, it almost seems like some cities take […]

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