Polk County had the highest rate of foreclosure activity in the U.S. in 2024 — ranking No. 1 after being in the top 10 for many years.
One of every 172 homes in Polk County had a publicly recorded foreclosure filing last year, according to real estate analytics firm ATTOM.
That was more than double the national rate of one in every 435 homes.
Not a surprise: The statistics didn’t surprise Bob Miller, 55, of Lakeland, who lost his home in 2008 during the subprime mortgage crisis.
Or Allison Lund, 43, who nearly lost her Lakeland home in 2021 after her income plummeted during the COVID-19 pandemic.
Or hundreds of Polk County residents whose fixed-rate mortgages have jumped by up to $1,000 a month in recent years because of skyrocketing homeowners’ insurance premiums.
Why Polk County?
After losing his home, Miller became a licensed real estate agent specializing in foreclosures. “So I’ve seen both sides of it,” he said.
He said five factors explain why Polk County homeowners are struggling more than most.
Population growth drove up prices — Polk County was the country’s third-fastest growing metropolitan area between 2019 and 2023, with a five-year growth rate of 16.8%.
High demand drove up prices for existing houses. “The market got really hot there for a while in 2022,” Miller said.
Ordinary people — The majority of new residents were ordinary people taking out mortgages. “If you look at Las Vegas or New York City transactions, I’d be willing to bet 50% of them are cash. It’s big money up there. But down here, it’s Polk County. We’re taking out loans.”
Construction boom — Developers responded to the population growth by building new homes, including many new communities. That has made it harder for owners who want to sell.
“The market value is simply lower than what they paid. You could buy a new house for less,” Miller said.
Rising interest rates — Interest rates began rising in 2022, decreasing buyers’ purchasing power.
“People don’t buy price, they buy a payment,” Miller said. “So when that interest rate starts creeping up, people don’t have extra money to pay, so you’ve got to start bringing the price down.”
Insurance costs — Many people assume when they take out a 30-year fixed-rate mortgage that their monthly cost will stay the same. But property taxes and insurance premiums get added on to most people’s mortgage payments.
Homeowners’ average insurance costs in Florida have risen by 64% since 2020, according to analysis by the South Florida Sun-Sentinel.
That has hit seniors on fixed incomes particularly hard, even pushing some into homelessness, according to Bridget Engleman, executive director of the Homeless Coalition of Polk County.
For help
- HOPE NOW Alliance: This organization provides a 24-hour hotline (1-888-995-HOPE) for mortgage counseling in multiple languages.
- Florida Legal Services: The organization focuses on fair housing, eviction prevention, and helping low-income Floridians. Contact them at www.floridalegal.org or (407) 801-4350.
- Florida Senior Legal Helpline: For seniors, this helpline (1-888-895-7873) can provide assistance.
LkldNow’s Insight Polk independent reporting initiative is made possible by the Community Indicators Project with funding by GiveWell Community Foundation & United Way of Central Florida. All editorial decisions are made by LkldNow.
Cindy Glover is a reporter for LkldNow, a nonprofit newsroom providing independent local news for Lakeland. Read at LkldNow.com.
