Jacksonville-area condominiums, already battered by values that have fallen to rock bottom, are being clobbered by loan restrictions that effectively freeze sales in many complexes that have been hardest hit by the economic downturn.
Credit-worthy and otherwise qualified would-be buyers often can’t get financing to buy many condos. And sellers are often trapped in their condominiums, in part because their units don’t qualify for mortgages, even if they find a willing buyer.