New foreclosure numbers from analytical firm ATTOM reveal an uptick in foreclosures in Florida.
Depending on the size of certain population statistics, the three biggest areas where foreclosures are on the rise were Lakeland, Orlando, and Miami.
According to the South Florida Business Journal, this year’s numbers in South Florida are up nearly 50% compared to February 2022.
From 2021 to 2022, foreclosures in the state rose by 124.5%.
The new real estate data of foreclosure filings by ATTOM also include default notices, scheduled auctions, and bank repossessions.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said ATTOM CEO Rob Barber. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.”
Florida wasn’t the only state with higher foreclosure rates; South Carolina and Delaware also made the top five.
But Florida real estate companies are staying positive about the outlook for the remainder of this year, even though home prices and mortgage rates continue to rise.
Although foreclosures have been rising year over year since the covid pandemic, housing experts point out the rates of home foreclosures remain well below the levels recorded during the 2008 financial crisis.
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