Warning Signals Are Flashing for Homeowners in Texas and Florida
As property taxes and insurance costs spike, foreclosure filings are rising.
In some Texas and Florida cities, foreclosures are rising, suggesting early signs of distress in the once booming housing market. The likely reasons: rising property taxes and insurance premiums and higher interest rates that make it increasingly difficult for homeowners struggling with mortgage payments to sell their properties or refinance their way out of trouble.
Because of storms and other natural disasters, insurance costs in recent years have been rising faster in those states than in much of the rest of the US. What’s more, the median local property tax bill in Texas for single-family residences had climbed $1,015 by 2023 from 2019, the biggest jump in the US, a CoreLogic data analysis shows.