Home foreclosures soar nationwide— Florida among the hardest hit states

A growing number of U.S. homeowners are losing their properties because they cannot keep up with mortgage payments—with some states seeing drastically higher default rates than others. In July, nearly 36,130 properties nationwide were hit with a foreclosure filing, up 13% from a year ago, and the steepest annual increase so far this year. Nevada earned the distinction of leading the nation in foreclosure rates last month, with 1 in every 2,326 residential properties in the Silver State facing a default. Florida clinched the unenviable No. 2 spot with a foreclosure filing rate of 1 in every 2,420 housing units. More from Realtor.com and The Mortgage Point

Study: Affordable housing act generates gains, 'real friction'

A 2023 Florida law designed to generate more affordable housing has produced “real gains but also real friction,” according to a nonprofit taxpayer group. The Live Local Act was designed to increase the number of affordable housing units through property tax incentives and streamlined approval of construction projects, according to a new report by Florida TaxWatch. So far the law has helped builders construct 3,171 affordable housing units, says the nonprofit taxpayer research institute bills itself an independent, nonpartisan government watchdog. However, some local governments have opted out of the property tax incentives. [Source: The Center Square]

Florida property tax debate heats up as DeSantis eyes big cuts

Florida Gov. Ron DeSantis in recent months has zeroed in on local governments throughout the state, criticizing some for approving large increases in property taxes in recent years as home values have risen. Residents can get stuck paying more property tax even if local governments keep their tax rates the same: A boost in a home's value means a higher assessed value to tax, which results in a bigger bill. [Source: Tallahassee Democrat]

Sellers are increasingly delisting their homes in South Florida. Here’s why.

South Florida home sellers are increasingly pulling their houses off the market — frustrated that they’re not finding buyers at their preferred price. And the tricounty region — encompassing Miami-Dade, Broward and Palm Beach counties — has led this summer in the rate of homes that were delisted as properties sat on the market longer, a recent report shows. [Source: South Florida Sun-Sentinel]

Florida Association of Mortgage Professionals pushes for condo guideline changes

Florida homebuyers are facing the same affordability challenges that other housing markets are grappling with, but with added regulatory hurdles if they want to buy a condo. The Florida Association of Mortgage Professionals (FAMP), which is hosting its annual convention this week in Orlando, is addressing those challenges head-on, looking to improve the Florida housing market for homebuyers and the mortgage professionals who serve them. [Source: Housing Wire]

STAT OF THE WEEK
1,849
July ended with another slide in housing sales in the six-county First Coast region. There were 1,849 homes sold in the area stretching from the Georgia state line south to Palatka. [Source: Florida Politics]

ALSO TRENDING:

› 'Super inflated': Skyrocketing Tallahassee housing prices worry Chamber conference crowd [Tallahassee Democrat]
The meat of this year's Tallahassee Chamber of Commerce Conference came from the workshops and bombshell stats dropped throughout the first full day. The Tallahassee housing crunch, including the skyrocketing cost to buy a home, left many in shock and wondering what could be done to help their neighbors' achieve the American Dream of home ownership in Florida's capital city.

› Multifamily permits down 23% nationally — but North Port, Cape Coral shine [Business Observer]
As it continues to get harder to find housing that’s affordable, news comes that the number of permits to build apartment units has fallen 23% nationwide since the post-pandemic boom. A new report out that says that over the past year developers obtained permits to build an average of 12.8 multifamily housing units for every 10,000 people in the U.S. That is down from an average of 16.7 during the pandemic building boom.

› Orlando suburb bucks cooling trend as its homes sell fast amid high demand [Orlando Business Journal]
Much of Florida’s housing market has cooled off from its pandemic-era buyers' frenzy, but Oviedo is bucking the trend. The east Orlando suburb landed at No. 7 on Realtor.com’s list of the South’s 10 hottest ZIP codes, the only Florida location on the ranking that was released this month. That's thanks to strong buyer demand and fast-selling homes. Oviedo homes had a median list price of $599,000 between January and June, and properties are selling in just below four weeks on average.

› Boca Raton-based insurer plans biggest insurance rate drop in its history [Palm Beach Post]
The state’s ninth largest property insurer has announced the largest decrease in its rates since it started doing business 20 years ago. Florida Peninsula Insurance Company is decreasing its average homeowner rate by 8.4% and its average condo rate by 12%, according to a filing request the insurer is sending to state regulators.

Flagler Schools incorporate more AI tools for students