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Florida Is Leading The Country In Foreclosure Starts

Author Joe Winner
(Photo by Joe Raedle/Getty Images)

The big financial news of the day came when The Federal Reserve announced that they project another two interest rate increases in 2023. According to CNBC, the current interest rate “increases have helped push 30-year mortgage rates over 7% and also spiked borrowing costs for other consumer items such as auto loans and credit cards.” And that rate is likely to increase. And could effect foreclosure starts.

Many residents of Florida are closely monitoring the real estate market. With prices skyrocketing upwards in Southwest Florida and across the state, we all wonder if a crash is imminent. One factor to watch is foreclosure rates.  ATTOM, a leading curator of land, property, and real estate data, released its May 2023 U.S. Foreclosure Market Report earlier this month. There were a total of 35,196 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions. That’s up 7 percent from a month ago and up 14 percent from a year ago.

Florida is leading the pack in foreclosure starts.

According to Attomdata “States that had the greatest number of foreclosure starts in May 2023 included: Florida (2,901 foreclosure starts); California (2,451 ); Texas (2,286 ); Illinois (1,358 ); and New York (1,287 foreclosure starts).” Since foreclosure takes a long time, they also measure residences currently in foreclosure. One in every 2,470 housing units in Florida is currently in foreclosure. That puts us fourth behind Illinois, Maryland, and New Jersey.

Some Florida “hot spots” in the foreclosure data are Lakeland, where one in every 1,361 housing units has a foreclosure filing. Palm Bay, one in every 1,647 housing units. Ocala, one in every 1,671. Jacksonville, one in every 1,699 housing units. And finally, Orlando, one in every 2,049 housing units.

So, is this bad? Let’s look back to 2010, when ABC reported “Florida had the third highest foreclosure rate with one in 18 housing units, or 5.51 percent, receiving at least one foreclosure filing last year. Florida had 485,286 foreclosed properties in 2010, the second largest total after California.”

So yes, foreclosures are up. But nothing compared to what happened back then. Not even close. Go enjoy your summer. 🙂

Best Florida Theme Parks For An Affordable Summer Vacation

We have so many great theme parks in Florida and if you’re looking for the best for an affordable summer vacation, look no further.

Living here in Southwest Florida, between Tampa and Orlando, we have so many options for fun. I love that within a few hours, you can be to a place that people fly in from all over the world to enjoy. So if you’re looking for a vacation or a staycation, there’s no shortage of places to check out. While theme parks offer amazing experiences and unforgettable memories, there’s no denying that they can also put a dent in your bank account.

First, the cost of entry isn’t cheap. Just to walk in the door can easily cost $100, or more! The good thing, is that throughout the year, a lot of parks offer great discounts for Florida residents, so that’s definitely the time to buy. Then, once you get in, the money starts flowing. Whether it’s a big ole juicy burger, a bucket of popcorn, ice cream or even just a cold soda, the prices add up. Some friends at Disney a few weeks ago each got a Mickey pretzel and that was $45 right there!

But wait, there’s more!

And of course, you can’t leave without some merchandise. Especially because a lot of it is exclusive to the theme park. So you have to get it there, you won’t find it at your neighborhood Walmart. From t-shirts to hats, stuffed animals to keychains, maybe some Mickey/Minnie ears the gift shops are filled to the brim with fun stuff to take home. As a kid, I remember my parents telling us we could each pick one small thing and one big thing. I got a t-shirt and a watch that I never wore. (I still ask myself to this day why I thought that was a good idea. I was 10.)

But there are ways to do it on the cheap, or at least a little more affordable. If you’re looking to vacation on a budget, Home To Go released their 2023 Florida Theme Park Index. It dives into costs of theme parks, number of attractions and the best parks overall.

Top 10 Most Affordable Theme Parks in Florida:

Joe Winner spends his days combing through memes and off beat stories to bring you the side of Florida not always seen.

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