How Bad Are The Financial Circumstances Of Floridians?
From a distance, Florida looks like an affordable place to live. The weather never gets cold enough that you have to pay for heating, and parking lots with free parking are plentiful. There are few charming, trendy neighborhoods in downtown urban areas where you don’t need a car but you have to pay an arm and a leg for everything else. The tourism industry should be booming, as should the healthcare industry, given the number of elderly residents. Once you live in Florida, you realize that the lush green vegetation is not backed up by cold green cash. Wages are low, and the Sunshine State is not immune to the price increases that have affected everywhere else in the country. When it comes to mortgage foreclosures, Floridians weathered the pandemic a lot better than several other states, with only one Florida county cracking the top 30 counties nationwide for home mortgage foreclosures in 2022. If you are in danger of your mortgage being the target of foreclosure proceedings, contact a Jupiter foreclosure defense lawyer.
Osceola County: The Mortgage Foreclosure Capital of Florida
Attom Data Solutions, which collects data about the real estate market, identified the U.S. counties with the highest rates of foreclosure for the first half of 2022. It based its rankings on the numbers of mortgage default notices, bank repossessions, and schedule auctions filed in each county. Its report showed that New Jersey fared the worst for the first half of 2022, with seven out of the top ten counties with the most foreclosures located there. The only county in Florida to rank in the nation’s top 30 counties for mortgage foreclosures was Osceola County, which ranked 29th. Nearly 500 residential real estate properties in Osceola County went into foreclosure in the first half of 2022.
Indian River County: The Site of Florida’s Poorest Town
Florida’s foreclosure capital is located within commuting distance of Jupiter, as is the Florida town with the lowest median income of anywhere in the state. Throughout Florida, the median household income is $61,777 per year, but in Gifford, a suburb of Vero Beach in Indian River County, it is only $22,353. The poverty rate in Gifford is 48 percent, compared to about 13 percent for the entire state. Retirement does not account for Gifford’s low income, as only 17 percent of residents are of retirement age. The average income in Gifford is more than twice the average income in Carrizo Hill, Texas, where the median household income is only $9,110. The numbers do not tell the whole story, however; financial hardship can happen to anyone anywhere.
Work With a Debt Lawyer to Avoid Mortgage Foreclosure
Do not wait until you start missing payments on your mortgage before you look for solutions to your debt problems. A South Florida debt lawyer can help you deal with your other debts to free up funds for mortgage payments or even extend the term of your mortgage loan. Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.
Sources:
thecapitolist.com/floridas-poorest-town-has-an-annual-median-income-of-just-22000/
thecapitolist.com/one-florida-countys-foreclosures-ranked-among-the-worst-30-nationally-during-the-first-half-of-2022/
