Jacksonville Real Estate Agent

Here's what Clay County Real Estate in July 2008 looked like:

Here's what Clay County Real Estate in July 2007 looked like:

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. Information is deemed to be reliable, but is not guaranteed.

 Read Also: Clay County Florida Real Estate: Market Watch May 2008 & 2007

Here's what Jacksonville Florida Real Estate in July 2008 looked like:

Here's what Jacksonville Florida Real Estate in July 2007 looked like:

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. Information is deemed to be reliable, but is not guaranteed.

 Read Also: Jacksonville Florida Real Estate: Market Watch June 2008 & 2007

The future of the Ameridream and Nehemiah down payment assistance programs is looking grim. Starting October 1st 2008 buyers will not be able to use those programs in conjunction with loans that allow gift funds. In the Housing and Economic Recovery Act of 2008 under section 2113 letter C prohibits the down payment assistance programs. Also to add insult to injury, the required down payment for FHA will be raised from 3% to 3.5%.  

Read Also: Down Payment Assistance Programs in Jacksonville for additional information on these programs.

The reason behind the eliminations of down payment assistance programs is because FHA has reported that borrowers using those DPA foreclose 3 times the rate of borrowers who didn't utilize those programs. I get that. In the current mess we're in with the foreclosure rate increasing, they want to decrease their risk. I agree that tougher credit guidelines need to be established. There were homeowners who bought a home that had no business buying a home, but there are credit worthy people who do not have the funds available for a down payment but make the necessary income to support a house payment. By eliminating those programs, qualified buyers are not going to be able to get their piece of the American Dream.

What affect will this have on our current real estate market? First time home buyers make up our foundation of the real estate market. If first time home buyers can't buy a home, then move up buyers can't buy because they can't sell their current home. It's a domino affect and is one of the reasons values have declined in the past couple of years because first time home buyers were priced out of the market.

If you would like to voice your opinion please visit Nehemiah.

Here's what Jacksonville Florida Real Estate in June 2008 looked like:

Here's what Jacksonville Florida Real Estate in June 2007 looked like:

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. Information is deemed to be reliable, but is not guaranteed.

 Read Also: Jacksonville Florida Real Estate: Market Watch May 2008 & 2007

Here's what Clay County Real Estate in June 2008 looked like:

Here's what Clay County Real Estate in June 2007 looked like:

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. Information is deemed to be reliable, but is not guaranteed.

 Read Also: Clay County Florida Real Estate: Market Watch May 2008 & 2007

We're seeing a small drop in inventory from June 2007 but a decrease in homes that went under contract compared to June 2007. Buyer's are still cautious and it looks like seller's who don't need to sell are staying put and waiting out the market.