Jacksonville And Orlando Foreclosure Rates High

Home insurers have only made money one year in the last seven. Most of this is due to huge storms, which have caused residential losses. Insurance companies hope to raise rates at levels well into the double digits. This has often driven property prices down as people leave the state. Not all Florida homeowners can return their original purchase price upon selling. This means banks face mortgage repayment risk.

Hurricane Central –Damage In NC?

A new study of foreclosure rates by real estate research firm ATTOM covers foreclosures in major cities and all 50 states for April. These numbers were exceptionally high for two of Florida’s largest cities: Jacksonville and Orlando.

Nationwide Numbers

According to the research, “Nationwide, one in every 4,453 housing units had a foreclosure filing in April 2024.”  Among cities with over one million residents, the five highest included Jacksonville and Orlando. The authors wrote, “Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units).”

Note:  foreclosure filings include default notices, scheduled auctions, or bank repossessions.

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