Increased Home Prices in Florida

The local Jacksonville moving specialists found out home prices are increasing in areas where plenty of homeowners are underwater on their mortgages because fewer homes are available for sale. This is probably contributing to the latest cities to join the “turnaround cities list” including towns in Florida and Phoenix. Homeowners who might want to sell aren’t doing so because they don’t want to have to pay the bank when they sell. However, this negative equity leads to more foreclosures, impedes refinances and restricts owners from listing their home. The All My Sons of Jacksonville team learned that cities with more than 50% of its borrowers owing more than their homes are worth, the market only had enough homes for sale to last 4.7 months at current sales rates. However, in markets with fewer than 10% of borrowers that were underwater, there was an inventory of 8.3 months. Nationwide, that number is at about 6.5% which is the lowest for the past five years. In the past 60 days, price tags for low-priced homes have increased by 4.5% compared to prices of more expensive homes that have risen only 0.6%. So what are the home prices like in your neighborhood?