Most Abandoned Homes in Nation - #2 Jacksonville

[JayBird]

Even with the housing market on the mend, a lot of households that were hit hard are still unable to recover.  The result? More and more are giving up the fight and just abandoning the properties.   In an article today by 24/7 Wall Street, they looked at the top 10 cities with the most abandoned houses in the nation. Two on that list are right here in the Sunshine State and one of them might be your neighbors home.

One in five homes in the foreclosure process stands vacant after being abandoned by owners. While the housing market is on the mend, some cities still struggle as they wait for thousands of homes to complete the process.

Nearly one in three homes in foreclosure are abandoned in Indianapolis. In five separate metro areas in Florida, more than one in four homeowners have given up. Based on data provided by RealtyTrac for the 101 largest metro areas, these are the cities where residents are abandoning their homes.

2. Jacksonville, Fla.
> Pct. foreclosures vacated: 31.3%
> Total vacated homes: 5,475
> Median home price: $142,099 (46th lowest)

Jacksonville area home prices dropped by 32.4% between the fourth quarters of 2007 and 2012, one of the larger drops in the nation during that time. But even as home prices began to rise in 2012, many residents still found themselves unable to afford or sell their homes. While the number of foreclosure filings in the majority of large metro areas fell from the year before during the first quarter of 2013, in Jacksonville it jumped 17.3%. According to the most recently available data, there were nearly 17,500 homes in foreclosure in the area, of which nearly 5,500 were empty. Possibly contributing to the rising number of vacant homes is that the average foreclosure takes nearly 900 days in Florida, giving residents ample time to leave their homes.

10. Lakeland, Fla.
> Pct. foreclosures vacated: 27.7%
> Total vacated homes: 2,010
> Median home price: $90,000 (13th lowest)

Nearly 28% of homes in foreclosure in the Lakeland area are vacant. Among the possible reasons why homeowners gave up on their properties is the 41.7% housing price drop from the end of 2007 through the end of 2012, one of the worst declines in the nation.The foreclosure process in Florida takes nearly 900 days on average, among the most in the nation. This may also be an explanation for why so many homeowners in foreclosure have moved out.

The top ten metro areas for abandoned homes
1.Indianapolis, IN
2.Jacksonville, FL
3.St Louis, MO
4.Birmingham, AL
5.Wichita, KS
6.Las Vegas, NV
7.Detroit, MI
8.Boise, ID
9.Atlanta, GA
10.Lakeland, FL

http://247wallst.com/2013/06/21/cities-with-the-most-abandoned-homes

[Josh]

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

[carpnter]

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

Well it worked for Detroit, they are at #7 on the list .   

[m74reeves]

you're probably right...and then we have a different problem...vacant overgrown lots saddled with liens and other encumbrances.

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

[JayBird]

you're probably right...and then we have a different problem...vacant overgrown lots saddled with liens and other encumbrances.

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

Which, as we see houses being torn down in Springfield, which is better for the community in terms of property values and quality of living ... An abandoned house or an empty, clear lot?

[strider]

you're probably right...and then we have a different problem...vacant overgrown lots saddled with liens and other encumbrances.

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

Which, as we see houses being torn down in Springfield, which is better for the community in terms of property values and quality of living ... An abandoned house or an empty, clear lot?

Springfield as a Historic District, is a bit different than most areas.  Still, a properly mothballed empty house says hope, an overgrown empty lot is the loss of hope.  I think you will find that  once too many houses are torn down in an area, the area gets much, much worse.  Tearing down house after house is not getting rid of blight, it is compounding it.  Mothballing is the answer as it improves the feel of a neighborhood and promotes hope.

[JayBird]

Thanks Strider, that makes a lot of sense.

[peestandingup]

These stats aren't about historic areas like Springfield, although I'm sure its included in the mix. Its more about the overgrown housing market (newer developments) and underwater mortgages. In my little cookie cutter Westside neighborhood alone I know for a fact that at least 5 homes are abandoned. But you won't find any listings for them, no signs in the yard, etc. This is known as the "shadow inventory", which is pushed back, forgotten about & kept off the books so the enormous glut won't kill the market. That way they can fool idiots into thinking that the housing market is on the "mend", thus continuing the cycle of our debt based horseshit economy.

[Josh]

you're probably right...and then we have a different problem...vacant overgrown lots saddled with liens and other encumbrances.

Don't worry, the city will bring in the wrecking balls to take care of this statistic.

Which, as we see houses being torn down in Springfield, which is better for the community in terms of property values and quality of living ... An abandoned house or an empty, clear lot?

In a district like Springfield, I'd take the abandoned house hands-down.

My favorite quote about preservation goes something like: "preservation isn't necessarily about appreciating something that exists, but fearing what it will be replaced with." I the case of Springfield lots, there is absolutely zero chance that whatever is built in its place will be as unique or well-built. It's just not possible.

[JayBird]

In a district like Springfield, I'd take the abandoned house hands-down.

My favorite quote about preservation goes something like: "preservation isn't necessarily about appreciating something that exists, but fearing what it will be replaced with." I the case of Springfield lots, there is absolutely zero chance that whatever is built in its place will be as unique or well-built. It's just not possible.

That's a very good way of looking at preservation, never thought of it that way.

[Steve Ducharme]

These stats aren't about historic areas like Springfield, although I'm sure its included in the mix. Its more about the overgrown housing market (newer developments) and underwater mortgages. In my little cookie cutter Westside neighborhood alone I know for a fact that at least 5 homes are abandoned. But you won't find any listings for them, no signs in the yard, etc. This is known as the "shadow inventory", which is pushed back, forgotten about & kept off the books so the enormous glut won't kill the market. That way they can fool idiots into thinking that the housing market is on the "mend", thus continuing the cycle of our debt based horseshit economy.

It's also an accounting game played by the banks and federal agencies.  Keep them off the market and you are artificially creating a "scarcity" and delaying the inevitable correction.  If the properties had been dumped it would have been painful but likely the corrections would have returned us to "normalcy" by now.

[JFman00]

My realtor has expressed frustration that he has seen a big jump in the number of eager buyers but that a lot of institutions are still just sitting on foreclosed properties for whatever reason. Buyers know this though and I'd guess are still saying no to overpriced properties (though the Gorrie just had another sale and their email implied more closings to follow). I think the hope is that as the market stabilizes they'll start releasing more inventory. Looking at prices from 2008-2010 you can see giant variations in sale price that would seem to indicate people just didn't know what things were really worth. Now that there's some rationality and competition on the buyer side, I think things are looking up.

On the Springfield discussion, I wouldn't be so pessimistic: http://www.contentdg.com/walnut-house-modern-historic-district/

[JayBird]

My realtor has expressed frustration that he has seen a big jump in the number of eager buyers but that a lot of institutions are still just sitting on foreclosed properties for whatever reason. Buyers know this though and I'd guess are still saying no to overpriced properties (though the Gorrie just had another sale and their email implied more closings to follow). I think the hope is that as the market stabilizes they'll start releasing more inventory. Looking at prices from 2008-2010 you can see giant variations in sale price that would seem to indicate people just didn't know what things were really worth. Now that there's some rationality and competition on the buyer side, I think things are looking up.

On the Springfield discussion, I wouldn't be so pessimistic: http://www.contentdg.com/walnut-house-modern-historic-district/

I agree with that.

Wow that is a great link!  I see it is 3 years old though, did it ever get built or is still planning to be built? Apparently 'green' anything is the new way of everything so that would be an advantage for Springfield.

[JFman00]

If I recall correctly SPAR approved the design but the plans to build it were shelved.

[JayBird]

If I recall correctly SPAR approved the design but the plans to build it were shelved.

Shame