Rising Foreclosures in Texas and Florida Cities
Foreclosures are rising in some Texas and Florida cities due to increasing property taxes, insurance premiums, and interest rates, making it difficult for struggling homeowners to sell or refinance their properties.
Key Points
- Rising property taxes, insurance premiums, and interest rates are contributing to the increase in foreclosures
- Insurance costs in Texas and Florida have been rising faster due to natural disasters
- Texas saw the biggest jump in median local property tax bill for single-family residences
Pros
- Highlighting early signs of distress in the housing market
- Bringing attention to the challenges faced by struggling homeowners