In 2024, Polk County recorded the highest foreclosure rate in the U.S., climbing to No. 1 after years of ranking in the top 10.

According to real estate analytics firm ATTOM, one in every 172 homes in Polk County faced a publicly recorded foreclosure filing last year—more than twice the national average of one in every 435 homes.

No Surprise to Residents

For many in Polk County, the statistics are all too familiar.

Bob Miller, 55, of Lakeland, lost his home during the 2008 subprime mortgage crisis. Allison Lund, 43, nearly lost hers in 2021 after the COVID-19 pandemic slashed her income.

And they’re not alone. In recent years, skyrocketing homeowners’ insurance premiums have driven up mortgage costs—by as much as $1,000 per month for some—pushing hundreds of local homeowners to the brink of foreclosure.

Why Is Polk County Struggling?

Miller, now a licensed real estate agent specializing in foreclosures, points to five key factors behind the crisis:

• Explosive Growth: Polk County was the nation’s third-fastest-growing metro area from 2019 to 2023, with a population surge of 16.8%.
  
• Housing Demand Spike: As demand soared, home prices followed suit, peaking in 2022.
  
• Mortgage-Heavy Buyers: Unlike cash-heavy markets like Las Vegas or New York City, most Polk County buyers finance their homes with loans, making them more vulnerable to market shifts.
  
• Construction Boom: Developers built aggressively to meet demand, creating a surplus of new homes that undercut resale values. Many homeowners now owe more than their homes are worth.
  
• Rising Interest Rates & Insurance Costs: Higher interest rates have reduced buyers’ purchasing power, while Florida’s homeowners’ insurance costs have jumped 64% since 2020. These added expenses have hit fixed-income residents particularly hard, pushing some into homelessness.

Resources for Homeowners

For those facing foreclosure, help is available:

• HOPE NOW Alliance: 24/7 mortgage counseling in multiple languages (1-888-995-HOPE).
  
• Florida Legal Services: Assistance with fair housing and eviction prevention (www.floridalegal.org | (407) 801-4350).
  
• Florida Senior Legal Helpline: Support for seniors (1-888-895-7873).

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