Foreclosures are increasing around the United States with Florida just behind California for most in the country. Analysts believe we should expect steady, double digit foreclosure growth rates from the remainder of 2022. Contributing factors for increased foreclosures center around the insanely high cost of housing which is being fueled by large corporate investment funds buying up the best first home properties throughout the state.
Lakeland, Jacksonville and Orlando posted the largest increases in foreclosures but still remain behind Miami and Tampa overall. Overall, in Florida there is 1 new foreclosure for every 1,527 houses. While the numbers are increasing most experts believe this is just the sign of a return to some normalcy in the housing market and do not believe that prices will fall swiftly or foreclosures will increase significantly through 2022. However, the experts missed the last housing crash and the evidence was staring them in the face the entire time.