Foreclosures and Bankruptcies, two of the U.S.'s largest distressed markets, were down in 2011, according to sources in the industry. 2011 actually saw a 34 percent decline in foreclosure filing, marred by processing delays and concerns over fraudulent paperwork. And this is exactly what was experienced in Jacksonville, FL and the surrounding areas.
The foreclosure-filing decline is evidenced by the fact that foreclosures at the end of 2011 were taking an average of 350 days to complete across the Nation. On average, at least 1 year in Jacksonville, FL. Because foreclosures were in such a state of delay at the end of 2011, 2012 is also likely to be a relatively slow year for the foreclosure market as well.
Bankruptcies filings also took a 12 percent nosedive and continued to decline towards the end of the year. This has to do with a decline in consumer spending and the lack of available credit to help mitigate financial woes. Business bankruptcies also dropped 19 percent in 2011. In this arena, such a statistic usually means banks and other creditors are more willing to restructure financing arrangements.
Foreclosures, and as a result, Bankruptcies, will likely begin to climb again once the dust clears form the fallout of the foreclosure mills. If you are currently facing Foreclosure, or are considering Bankruptcy, be sure to contact a Jacksonville Foreclosure Defense Attorney, or a Jacksonville Bankruptcy Attorney to schedule a consultation.