Foreclosure rates soar in Jacksonville and Orlando

Due to the severe storms that have hit Florida and caused significant damage to a large number of residential units in the cities of Orlando and Jacksonville, insurers are now preparing to increase their rates, claiming that they have only seen profits in one of the past seven years.

With the current trend showing how many residents are moving out of the state, the decline in property values in Florida is becoming a reality, and many homeowners now face another issue on top of the numerous foreclosures in the state. When attempting to sell a property, many investors are unable to recover their initial investment, which in turn is creating a risk for banks concerning mortgage payments.

However, this current problem is not limited to Orlando, Jacksonville, or the state in general. A recent analysis of foreclosure rates conducted by the real estate research firm ATTOM examined foreclosures in major cities and across all 50 states during the last month, and the results revealed rising foreclosure rates nationwide, particularly high in these two major Florida cities.

Regarding national data, the study indicated that one in every 4,453 housing units had a foreclosure filing in the past month of 2024. Among cities with populations over one million, Jacksonville and Orlando ranked in the top five with the highest foreclosure rates.

The report stated:

Orlando: one foreclosure for every 2,199 housing units

Jacksonville: one foreclosure for every 2,237 housing units

The aforementioned foreclosure figures include all stages of the process, such as default notices, scheduled auctions, or bank repossessions.

 Available foreclosures:

Orlando: 209 homes available.

Jacksonville: 224 homes available.

By Elias DaSilva | October 8, 2024.