Florida homeowners are facing a foreclosure crisis that places the state among the worst in the nation for housing instability.
The state ranks 10th nationwide in foreclosures, with 3.41% of homes at risk, according to new research from New Jersey Real Estate Network. The analysis of Zillow data from all 50 states found Florida has 9,607 properties in foreclosure out of 281,717 total listings.
Despite Florida's robust real estate market, the state has the second-highest total number of foreclosed properties in the country, trailing only California.
California tops the national foreclosure list with 11,592 foreclosed properties, representing 8.25% of total listings.
The data reveals stark contrasts across states. Maine has the lowest foreclosure rate in the nation, with just 0.06% of listings in foreclosure — only five foreclosed properties statewide.
"This data highlights the varying housing market conditions across different regions of the country," a spokesperson from New Jersey Real Estate Network said.
"Florida's foreclosure numbers reflect the complex interplay of housing costs and economic factors affecting many communities nationwide."
The spokesperson noted that areas with elevated foreclosure activity present unique considerations for potential buyers.
"While these properties may offer different price points, prospective buyers should carefully evaluate all aspects of their purchase and work with qualified professionals to understand the local market dynamics," the spokesperson said.
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