Central Florida’s Rising Foreclosures Exacerbated By Pandemic

Foreclosure rates in Florida have been rising. There is a possibility that the Covid-19 coronavirus pandemic could worsen the problem in Central Florida and the rest of the state.

May 13, 2020 / / —

Wendy Morris Realty has been tracking the number of foreclosures in Central Florida, which has risen in recent times. The realtor is anticipating a further rise in foreclosures in the region due to the effect of the Covid-19 pandemic.

Foreclosures and evictions in Florida have been banned in Florida until mid-May by an executive order signed by Gov. Ron DeSantis. However, there is a potential for a wave of foreclosures in the following months once the ban has finished.

While foreclosures in the US have been declining as a whole, Florida is one of several states that has been experiencing a rise in foreclosures. In Q1 2020, Florida was one of the states that reported the highest foreclosure rates, with one in 628 housing units filing for foreclosure. One New Jersey, Delaware, Illinois and Maryland had higher foreclosure rates. This is despite the fact that bank repossessions were down 37 percent year-over-year from Q1 2019.

In May 2019, Florida was experiencing more foreclosures than all but two states, with one in every 1,200 homes filing for foreclosure, up 23 percent from the previous year. Some of the reasons suggested for the high rates of foreclosures in Florida include stagnant wages and higher living costs, such as taxes and insurance, as well as home affordability. While many foreclosures in Florida are occurring in the state’s panhandle, Central Florida has also experienced its fair share of foreclosures.

In Orlando, properties filed for foreclosure rose by 11 percent between January and February 2020. However, there were 15 percent fewer filings for foreclosure compared to February 2019.

The current pandemic could cause foreclosures to rise further. With many people unable to work and struggling to pay their mortgages and other expenses, more foreclosure properties could be on the market in a few months. The situation may depend on how long isolation measures will need to be carried out. The effects may begin to show after the first few months when mortgage lenders might start taking action. Some experts are predicting a foreclosure crisis, although others say that things won’t get that bad.

About Wendy Morris Realty

Wendy Morris Realty is an award-winning realty service specializing in relocations and luxury homes in Lakeland, Florida. The company also lists homes for sale in Winter Haven and Auburndale. The company is often chosen by Fortune 400 businesses to help with their relocations. The Wendy Morris Realty website lists homes for sale in Central Florida, with a variety of features to help people find their perfect new home, as well as providing resources for sellers.

For more information on properties in Lakeland, Florida, take a look at the Wendy Morris Realty website. Please contact Damon Duvall by calling 407-864-4626, emailing damonduvallrealtor@gmail.com or writing to 131 Van Fleet Ct, Auburndale FL,33823 with any inquiries.

Contact Info:
Name: Damon Duvall
Email: Send Email
Organization: Wendy Morris Realty
Address: 131 Van Fleet Ct, Auburndale FL,33823
Phone: 407-864-4626
Website: https://www.lakelandluxuryhomes.com/

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Release ID: 88957208