A growing number of Florida residents are facing the threat of foreclosure, and research shows that the issue is not exclusive to Florida. The number of homes in foreclosure across the United States has risen rapidly in recent years, leading to an influx of homeowners seeking ways to hang on to the places they call home.
According to WFLA, foreclosures across the United States increased by 169% between 2021 and 2022.
Where Florida ranks
Florida is among the worst states for foreclosures, with one in every 3,964 homes in the state in foreclosure. This places it twelfth in the nation in terms of the number of foreclosures that are in the works statewide. Of the estimated 10 million housing units that are currently in Florida, about 2,500 of them have fallen into foreclosure.
Why foreclosures are becoming more common
There are a variety of environmental factors that are impacting foreclosure rates and making it more difficult for residents of Florida and other states to afford their homes. Part of the problem is likely due to inflation. When homeowners have to choose between paying their mortgages or feeding their families or keeping their lights on, mortgage payments often take a backseat, contributing to the uptick in foreclosure filings. Home values have also taken a dive in Florida and many other parts of the United States in recent months, leaving some people having to pay off mortgage amounts that exceed their homes’ value.
Every situation is different, but some homeowners facing the threat of foreclosure may be able to modify loans, file for bankruptcy or otherwise take steps to avoid having their properties foreclosed upon.