Florida foreclosures increased 71% from 2021

| 10/17/2022

Florida foreclosures increased 71% from 2021

Foreclosure data from real estate company ATTOM showed Florida’s foreclosure rates for over the past year rose 71.26% according to their latest data. In just the past month, ATTOM reported a nearly 3% increase of foreclosures across the country in September 2022, while in Florida, the number of foreclosures shrank by nearly 4% instead from August to September. In Florida, ATTOM reported there were 9,284 foreclosure filings in the past quarter, with 6,671 foreclosure starts during that period. Of the top five states ranked by foreclosure starts, Florida was No. 2, with just California ahead. [Source: WFLA]

Why Ian may push Florida real estate out of reach for all but the super rich

The scale of the destruction from Hurricane Ian threatens to destabilize Florida’s insurance and real estate markets, as devastated residents file a record number of claims for damaged or destroyed homes. Privately insured losses from Ian are expected to reach $67 billion, not including flood insurance, according to an estimate by RMS, a catastrophe modeling firm. That is in line with other forecasts and puts Ian, which slammed into Florida two weeks ago, close to 2005’s Hurricane Katrina, the most expensive disaster in United States history. [Source: NY Times]

Sellers are growing reluctant to sell as mortgage rates rise

A growing number of sellers are wrestling with this decision as they now face the same pressure from rising interest rates that buyers have been struggling with. For potential sellers, the question is: Do they sell now, despite rising interest rates that will force them to likely pay more than double what they are paying now with their current rates, or wait to put their homes on the market? [Source: South Florida Sun-Sentinel]

Thanks to Ian, we’re all going to pay more for insurance next year

Insurance experts predict that the state legislature will need to take more action to shore up the industry before the 2023 hurricane season, possibly by pledging more public funding to ensure companies can maintain required funding levels. Ian is still expected to be one of the nation’s costliest storms ever and will increase costs of reinsurance — that is insurance that insurers buy — before the next two rounds of reinsurance renewals on Jan. 1 and June 1. [Source: South Florida Sun-Sentinel]

Florida homeowners could receive up to $10K for home hardening

Floridians may soon have access to a $150 million program aimed at helping them harden their homes. In May, Florida lawmakers passed a sweeping property insurance reform package. Among other things, the bill resurrected the My Safe Florida Home program, which provides homeowners with free home inspections and grants up to $10,000 to make storm safety related improvements. Nearly five months later residents are still unable to apply. But that could change in the coming weeks, according to the office of Chief Financial Officer Jim Patronis, who oversees the program. [Source: Tampa Bay Times]

STAT OF THE WEEK
40 years
Would you sign a 40-year listing contract? South Florida brokerage firm draws critics. [Source: Miami Herald]

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Tags: Real Estate eNews

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