Florida has the third highest number of homeowners in the country catching up with overdue mortgage payments



With a national economic boom that is helping homeowners get rid of delinquency and foreclosures, Florida is at the forefront of homeowners starting to receive payments. Over the past six months, Sunshine has seen a one-third decrease in the number of homeowners who have no ongoing mortgage payments. Only Nevada and Rhode Island performed better – by less than a percentage point.

The economic trend bodes well, but economists remain wary of a national moratorium on foreclosures late last month. An estimated 1.45 million borrowers nationwide remained 90 days or more overdue, but had not yet been foreclosed since August. This is more than 1 million more than at the beginning of the pandemic. according to the data from Black Knight, Inc., a real estate research firm based in Jacksonville.

A state moratorium on evictions and foreclosures was allowed to expire last fall, in part because the federal Centers for Disease Control and Prevention (CDC) issued a year-end eviction order on September 4, 2020 “to prevent further spread of COVID-19.” DeSantis allowed his order to expire to avoid confusion, and the CDC’s order was later extended by several months.

But the CDC moratorium also expired last month, bringing with it a wave of uncertainty, forcing many homeowners to struggle to make payments to avoid foreclosures.

“While overall crime rates continue to approach pre-pandemic levels,” Black Knight said in a press release, “serious offenses have continued to rise significantly since the federal ransomware moratorium expired at the end of July.”

Despite the raw numbers, the overall trend remains positive. The national delinquency rate fell 5 percent in July and has now nearly halved since May last year to just 4.14 percent overall. Delinquencies have also decreased in 12 of the last 14 months. The Black Knight says the two-month increase was “calendar-related, not indicative of deterioration.”


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