Delinquencies and foreclosures
Florida was one of the states impacted the most by the foreclosure
crisis that followed the Great Recession. In 2010, the state recorded more
than 560,000 foreclosure actions (defaults, auction, REOs), according to
Attom Data Solutions. Florida’s foreclosure numbers have fallen nearly
every quarter since the first quarter of 2013, when they hit 85,671. Still,
through this past third quarter, Florida recorded some 20,000 or more
foreclosure actions each quarter.
Unsurprisingly, among the states, Florida had the second-highest percentage of mortgages 30 or more days past due as of this past October,
according to Black Knight. The state’s 9. 9 percent noncurrent mortgage
rate is more than double the 4. 44 percent national rate. The number of
noncurrent mortgages in the state increased by 4. 7 percent from August
to October due, in part, to the impact of Hurricane Irma.
Florida employment numbers were hit hard by the Great Recession.
The state’s unemployment rate rose from 5 percent in January 2008 to
10 percent in March 2009. At that point, the national unemployment
rate had only reached 8. 7 percent. Florida’s unemployment rate continued to rise through 2009, peaking at 11.2 percent in November 2009
and remaining there until February 2010. The national rate peaked at
10 percent in October 2009.
Florida’s unemployment rate remained above 10 percent for more than
two years, not dropping below that level until July 2011. The state’s unemployment rate didn’t fall back below 5 percent for almost another
five years, reaching 4. 9 percent in March 2016. As of this past November,
Florida unemployment stood at 3. 6 percent, the third month it had been
below 4 percent. It was 50 basis points below the national rate.
Sources: Attom Data Solutions, Black Knight, City of Jacksonville, City of Orlando, Florida
Realtors, Herald Tribune, Institute for Economic Competitiveness, Legislative Office of
Economic and Demographic Research, livability.com, newsmax.com, Orlando Sentinel,
U. S. Bureau of Economic Analysis, U. S. Bureau of Labor Statistics, U.S. Census Bureau,
U. S. Climate Data, U. S. News and World Report, visitjacksonville.com, visitsarasota.com
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
Dubbed the Theme Park Capital of the World, Orlando’s numerous
amusement parks helped draw 68 million visitors to the city in 2016.
Low unemployment — 3. 5 percent as of this past November — more
than 100 parks, about 25 colleges and universities, and an annual
average temperature of 74 degrees make Orlando a great place to live
as well as visit. The median sales price of a single-family home in the
Orlando metro area this past November was $247,000.
Situated on Sarasota Bay, Sarasota is just 60 miles south of Tampa.
Year-round warm temperatures and award-winning white-sand
beaches helped Sarasota reach No. 21 on the U.S. News and World
Report list of best places to live in the U.S. and No. 1 for best places
to retire. This small city is home to numerous celebrities, including
Stephen King, Dick Vitale, Joe Perry and Jerry Springer. The median
sales price of a single-family home in the Sarasota metro area this past
November was $285,000.
The largest city geographically in the U.S., covering some 750 square
miles, Jacksonville also is the most populated city in Florida — as well
as the youngest in terms of the average age of its residents. As of
the 2010 census, almost 24 percent of its residents were under age 18.
Jacksonville has a lot to offer young folks, with 22 miles of beaches,
the largest urban park system in the nation, a pro football team and
a vibrant art scene. The median sales price of a single-family home in
the Jacksonville metro area this past November was $233,894.
3 Cities to Watch
Florida Foreclosure Filings
Source: Attom Data Solutions
Default Auction REO