by Samuel Stebbins, 24/7 Wall St. via The Center Square | Aug 1, 2022
- Nearly 500 homes in Osceola County faced foreclosure in the first half of 2022
- No other Florida counties were in the worst 30 nationally
- New Jersey dominated the national list with 7 of the top 10 counties making the list
The worst inflation in 40 years has led to cascading effects, with consumer sentiment declining and gross domestic product decreasing in the first quarter of this year. While the Federal Reserve has been raising rates to tame inflation, this has resulted in higher mortgage rates. Combined, these factors appear to be cooling the U.S. housing market after white-hot demand in the past two years sent prices skyward.
So far, the number of foreclosure filings in the first six months of the year is still slightly lower than it was in the same period in 2020. But these filings are up 153% from the first half of last year, according to property data providerAttom Data Solutions.
Home foreclosure filings include default notices, bank repossessions, and scheduled auctions and are used as a measure to gauge the health of housing markets at local, state, and national levels.
Osceola County, Florida – located in the Orlando-Kissimmee-Sanford metropolitan area – has one of the highest foreclosure rates of any U.S. county. According to a recent report from Attom, a total of 478 housing units were in foreclosure in the first half of 2022, up 239.0% from the first half of last year.
The foreclosure rate in Osceola County of one in every 324 homes ranks as the 29th highest of the more than 1,700 counties and county equivalents reviewed.
According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, the typical household in Osceola County has an income of $55,538 a year and the typical home is worth $221,600. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.
| Rank | County | Homes in foreclosure, 1st half 2022 | Foreclosure rate (foreclosures per housing unit) | Median household income ($) | Median home value ($) |
|---|---|---|---|---|---|
| 30 | Winnebago County, Illinois | 381 | 1:328 | 55,310 | 121,400 |
| 29 | Osceola County, Florida | 478 | 1:324 | 55,538 | 221,600 |
| 28 | Mchenry County, Illinois | 369 | 1:324 | 90,014 | 234,000 |
| 27 | Lake County, California | 106 | 1:323 | 49,254 | 238,000 |
| 26 | Lake County, Indiana | 667 | 1:322 | 57,530 | 156,100 |
| 25 | Onslow County, North Carolina | 262 | 1:321 | 51,560 | 162,400 |
| 24 | Liberty County, Texas | 104 | 1:319 | 50,917 | 115,300 |
| 23 | Gates County, North Carolina | 15 | 1:318 | 45,871 | 142,400 |
| 22 | St. Clair County, Illinois | 361 | 1:317 | 57,473 | 134,800 |
| 21 | Grant County, Indiana | 94 | 1:317 | 46,900 | 96,300 |
| 20 | Cook County, Illinois | 7,265 | 1:312 | 67,886 | 255,500 |
| 19 | Campbell County, Wyoming | 64 | 1:310 | 80,887 | 224,400 |
| 18 | Atlantic County, New Jersey | 436 | 1:303 | 63,680 | 216,600 |
| 17 | Ocean County, New Jersey | 988 | 1:298 | 72,679 | 286,700 |
| 16 | Lexington County, South Carolina | 430 | 1:297 | 62,740 | 163,200 |
| 15 | Madison County, Illinois | 403 | 1:294 | 64,045 | 138,500 |
| 14 | Dorchester County, South Carolina | 220 | 1:294 | 63,501 | 213,000 |
| 13 | Sullivan County, Indiana | 30 | 1:293 | 49,449 | 89,400 |
| 12 | Kendall County, Illinois | 155 | 1:290 | 96,854 | 243,700 |
| 11 | Jones County, North Carolina | 16 | 1:290 | 38,324 | 92,200 |
| 10 | Warren County, New Jersey | 164 | 1:283 | 83,497 | 265,700 |
| 9 | Huron County, Ohio | 91 | 1:280 | 55,041 | 131,600 |
| 8 | Will County, Illinois | 917 | 1:273 | 90,800 | 239,400 |
| 7 | Sussex County, New Jersey | 230 | 1:273 | 96,222 | 271,500 |
| 6 | Gloucester County, New Jersey | 454 | 1:258 | 89,056 | 224,300 |
| 5 | Camden County, New Jersey | 840 | 1:253 | 70,957 | 200,400 |
| 4 | Burlington County, New Jersey | 778 | 1:238 | 90,329 | 259,600 |
| 3 | Salem County, New Jersey | 124 | 1:224 | 64,234 | 185,700 |
| 2 | Cuyahoga County, Ohio | 3,100 | 1:199 | 51,741 | 137,800 |
| 1 | Cumberland County, New Jersey | 290 | 1:197 | 55,709 | 166,400 |
Related
Foreclosures, housing markets, and economic indicators all tie into a complex landscape. In this case, the article touches on several significant concepts:
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Foreclosure Filings: These filings include default notices, bank repossessions, and scheduled auctions, reflecting the health of housing markets at various levels—local, state, and national.
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Inflation: The worst in 40 years, leading to declining consumer sentiment and a decrease in the gross domestic product (GDP) in the first quarter of the year.
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Federal Reserve's Actions: Raising rates to control inflation, resulting in higher mortgage rates. This contributes to a cooling effect on the previously booming U.S. housing market.
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Osceola County, Florida: Specifically mentioned due to its high foreclosure rate, with 478 housing units in foreclosure in the first half of 2022, up by 239.0% from the first half of the previous year. The foreclosure rate in this county is one in every 324 homes.
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Economic Data: Median household income in Osceola County is $55,538 a year, with the typical home valued at $221,600. Comparatively, the national median household income is $64,994, and the national median home value is $229,800.
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Comparison with Other Counties: Highlighted are other counties across the U.S., particularly in New Jersey, dominating the list of top counties with high foreclosure rates.
Understanding these concepts involves delving into economic trends, housing market dynamics, and the interplay between fiscal policies, inflation rates, and local economic conditions. My expertise lies in analyzing such data, studying economic trends, and understanding how various factors interconnect to shape housing markets and financial landscapes.
