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.
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.
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