Mortgage delinquencies slightly increased from April to May 2022, but Florida’ mortgage delinquency rates have increased more than the national average. Nationwide, one in every 4,549 housing units had a foreclosure filing in May 2022, according to a recent report issued by Knight Data & Analytics. Florida led all 50 states with a high rate of one in every 2,788 housing units.
The national delinquency rate decreased in May 2022 to a low of 2.75 percent. However, Florida’s delinquency rate stayed at a consistent 2.0 percent. Lenders initiated foreclosure proceedings on 22,099 properties in May 2022. While this number may be down one percent from the previous month, it is up 274 percent from one year ago.
This slight increase in mortgage delinquencies is surprising considering the negative impact inflation has had on the nation’s economy. Early delinquencies increased only a slight amount by 0.2 percent between April and May 2022. Serious delinquencies fell seven percent in a month’s time.
Early-stage delinquencies occur when the homeowner misses one single mortgage payment. A delinquency occurs when the mortgage payments have overdue payments of 30, 60 or 90 days. Serious delinquencies occur when payments are more than 90 days past due.
The states with the highest reported number of foreclosure filings included Florida with 2,483 foreclosure starts, California with 2,238 foreclosure starts, Texas with 2,019 foreclosure starts, Illinois with 1,757 foreclosure starts, and Ohio with 1,285 foreclosure starts.
Three different Florida metropolitan areas were listed in those metropolitan areas with populations greater than 1 million with the worst foreclosure rates in May 2022, including Jacksonville, Orlando, and Miami. Jacksonville reported foreclosures for one in every 1,985 housing units, while Orlando reported foreclosures for one in every 2, 295 housing units. Miami reported foreclosures for one in every 2,432 housing units.
Of these major metropolitan areas, Miami saw the largest increase in filings from April to May 2022 with an 81 percent increase. Jacksonville saw a 54 percent increase in filings.
In terms of foreclosure completions, the numbers were up significantly from one year ago. Lenders completed a total of 2,857 foreclosures in May 2022, which is 117 percent up from May 2021.
What these numbers do signify is that foreclosure activity is continuing to steadily increase after two years of government relief meant to prevent foreclosures during the COVID-19 pandemic. With inflation at a 41-year high and increasing prices on all necessities, these rates are expected to continue to increase.
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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com