Glut of Homes Available

Author:	Lucas Jones
Source:	Homes Discovered
Date:	February 6, 2007

There is currently a surplus of homes available on the real estate market in Jacksonville which signals that the market hasn't stabilized and things could progressively get worse.  The housing market in Orange Park is far from turning around because of a large inventory of homes and affordability levels still extremely poor. Pending home sales were surprisingly high in the month of December but those reports are fools gold.  This news was hardly an indicator of the health of the market, however.  The upturn in pending home sales had more to do with the unseasonably warm weather. The reason the upturn was credited to the market is because the homeowner vacancy rate was way up from its normal rate.  All these homes sitting unoccupied will pressure selling prices lower and lower for the foreseeable future.

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