ORLANDO, Fla. — The rising cost of living is putting more pressure on Florida homeowners, with a new report showing the state now has the highest foreclosure rate in the country.
According to real estate data firm ATTOM, Florida’s foreclosure rate during the first half of this year was 0.27%, the highest in the nation.
The increase comes as homeowners face a combination of rising expenses, including higher mortgage rates, increasing property taxes, and soaring insurance costs.
Experts say many homeowners who were able to keep up with payments during the COVID-19 pandemic are now facing new financial challenges as pandemic-era protections have ended.
For some Floridians, the combination of higher monthly housing costs and everyday expenses has made staying in their homes more difficult.
Housing analysts say homeowners who are struggling should reach out to lenders, housing counselors, or financial assistance programs early, before falling too far behind on payments.
With insurance premiums, taxes, and borrowing costs continuing to impact household budgets, experts say the affordability challenges facing Florida homeowners could continue.
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