Home foreclosures are rising nationwide, with Florida, California and Texas in the lead

| 6/12/2023

Home foreclosures are rising nationwide, with Florida, California and Texas in the lead

As the cost of living in the U.S. continues to climb, foreclosures are also on the rise. May foreclosure-related filings, which include default notices, scheduled auctions and bank repossessions, were up 7% from April and up 14% from a year ago, to 35,196 properties, according to the real estate data group ATTOM. [Source: NBC News]

A new law allows monthly fees to replace up-front security deposits. Critics say renters should beware

With rents across South Florida at astronomical levels, the state Legislature and Gov. Ron DeSantis have moved to standardize a relatively new practice of landlords charging monthly fees instead of large, up-front security deposits. Getting into a new apartment can often cost the tenant the equivalent of three months of rent that includes a refundable security deposit. But the fee option is touted as a way to ease the financial pain confronting would-be tenants who lack the cash an up-front deposit requires. [Source: South Florida Sun-Sentinel]

Column: Florida is booming and so is conservation

With 1,200 people moving to Florida each day, the state’s population has surpassed 22 million. Last year it was the fastest-growing state for the first time since 1957 and by 2030, 25 million people will call Florida home. What’s amazing is with all this growth and development, our state leaders are desperately working to make sure Florida remains the paradise it is today and has been in the past. [Source: Florida Times-Union]

Investor home purchases plummet in Florida, other parts of the country

Record-low interest rates during the COVID-19 pandemic gave real estate investors the opportunity to buy up scores of homes. With interest rates rising once again, causing home values to fall as U.S. homebuyers hesitate to purchase homes — these same investors have pumped the brakes. Some major U.S. cities — including some in Florida — saw investor home purchases plunge over 50%. [Source: WOFL]

Affordable housing in South Florida still scarce

Finding affordable housing in South Florida is still a challenge, according to those tracking and watching the real estate market. "We need livable housing that's reasonably priced," Ken Johnson at FAU's Real Estate Initiative said. Jack Weir of the Housing Leadership Council of Palm Beach County agrees. "Salaried professionals are still being squeezed," Weir said. For the most part, rents and home prices have slowed from steep increases, but they have rarely retreated. [Source: WPTV]

STAT OF THE WEEK
$85,000
To comfortably afford the average rent of $2,100 in the Tampa Bay region, you need to earn at least $85,000 a year. [Source: WUSF]

ALSO TRENDING:

› Brokerage that only sells restaurants expands to Sarasota [Business Observer]
A national restaurant broker is expanding into Sarasota after signing a franchise agreement with two local entrepreneurs. The decision to open a We Sell Restaurants franchise in Sarasota came after Michael and Abby Spizzirri planned to open a restaurant in the Key West area, according to a statement. Once they discovered the broker, the plan changed.

› Orlando metro home mortgage lending hits 10-year low [Orlando Business Journal]
Home mortgage lending in metro Orlando has seen a steep drop as interest rates climb and drive up monthly payments, leaving a growing number of potential homebuyers sitting on the sidelines. The region had 12,411 mortgage loan originations in first-quarter 2023, down 67.6% from a 10-year high of 38,267 mortgage loan originations in Q1 2021. The amount of loans hasn't been this low since 2014.

› Fort Myers Beach and Sanibel mayors discuss real estate recovery [WGCU]
All eyes and ears were on the mayors of both Fort Myers Beach, Dan Allers, and Sanibel, Richard Johnson, when they recently shared island updates 7 months post-Hurricane Ian at a local commercial real estate meeting. Both were asked about their current top priorities.

› Miami Herald wins national real estate journalism award for Miami Beach coverage [Miami Herald]
reporting revealing the increasing trend of tearing down historic and culturally significant homes in Miami Beach. The National Association of Real Estate Editors, or NAREE, selected the Miami Herald the U.S. bronze award winner for best residential/financial real estate story. The association announced the winners of its 73rd annual journalism awards during a ceremony Thursday at Caesars Palace in Las Vegas.

Tags: Real Estate eNews

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