"Serious mortgage delinquencies have been steadily declining for more than three years, but the trend reversed in mid-2024, with notable increases in Florida, South Carolina, and Georgia."
"Florida's property taxes jumped nearly 50% over five years while the average escrow payment, which includes taxes and insurance, rose 62%, exacerbating financial strain on homeowners."
"Nationally, property tax bills have risen 15.4% since the pandemic, with states like Mississippi facing the highest property tax delinquency rates due to low median incomes and high storm surge risks."
"Georgia experienced a staggering 65% increase in home prices from 2019 to 2024, despite median prices still being below the national average."
Serious mortgage delinquencies fell for more than three years but reversed in mid-2024. Florida, South Carolina, and Georgia are leading in rising delinquency rates amidst natural disasters and increasing insurance costs. Florida saw property taxes rise nearly 50% in five years, while average escrow payments surged 62%. Nationally, property tax bills rose by 15.4% since the pandemic. South Carolina faced insurer fund shortages, elevating premiums. Georgia's property taxes increased by over $700 in five years, with home prices jumping 65% despite remaining below national averages. Many states with high delinquency also have elevated unemployment rates.
Read at www.housingwire.com
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