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Florida Housing Market Warning

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Skyrocketing homeowners insurance premiums might be playing a role in the rising number of Florida foreclosure filings.

Florida reported the third-highest number of foreclosure filings in the country between January and March, according to a recent report from property and real-estate data research firm ATTOM.Read more: What Is Mortgage Refinancing?Foreclosures have been rising nationwide in the first quarter of 2024, with a total of 95,712 homes with a foreclosure filing. This is up 6 percent from the previous quarter and 22 percent, compared to a year earlier.

Read more: How Much Equity Do You Need for a Mortgage Refinance?Orlando saw a 28 percent increase in foreclosure filings compared to a year earlier, for a total of 1,403; Tampa experienced a 21 percent increase, for a total of 1,426 foreclosure filings; and Miami a 19 percent increase for a total of 3,011.Premiums have risen by 102 percent in the past three years and are now much higher than the national average premium, according to the Insurance Information Institute, or Triple I.

 

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