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By Omar Mohammed
Reporter, Economy & Finance
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Florida's Palm Beach County, host to former President Donald Trump's Mar-a-Lago property, saw foreclosures increase by more than 50 percent in February compared to the same time a year ago, according to ATTOM, a real-estate data-analysis firm.
As of February, there were 294 homes in Palm Beach that had foreclosure filings, an increase of almost 59 percent compared to last year.
"Lenders started the foreclosure process on 189 Palm Beach County, FL properties and repossessed 7 Palm Beach County, FL properties through completed foreclosures," ATTOM said.
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Read more: What Is Mortgage Refinancing and How Does it Work?
According to experts, the rise in foreclosures is part of a correction in the housing market—which experienced fluctuations during and after the pandemic—with soaring prices and elevated mortgage rates making properties expensive.
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The housing market in Palm Beach County has seen 529 total foreclosures year to date, the data showed.
The housing market overall is experiencing challenges. The median sales price for a home in Palm Beach County in February rose by 9 percent year over year. Meanwhile, the median down payment homebuyers made increased to $100,000, an annual rise of more than 11 percent.
Read more: First-Time Homebuyer Guide
However, since February 2023, the number of homes sold decreased by more than 16 percent to about 1,700, and the number of prospective buyers who applied for purchase loans tumbled to 804, a decrease of about 14 percent. Yet, refinancing loans increased by 50 percent annually, as homeowners sought to refinance their mortgages.
The housing market in Palm Beach County reflects statewide trends, as residents across Florida are losing their homes. In February, one in every 2,632 properties in the Sunshine State had a foreclosure filing, the highest rate in the country, ATTOM reported.
Meanwhile, the cost of homeowners insurance in the state has soared, and companies providing such insurance policies in the state have left amid a rise in climate-change-related weather disruptions. The high cost of homeowners insurance has also increased the cost of buying property in the state.
"We see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility," ATTOM CEO Rob Barber said in a statement in January. "Our data suggests that while foreclosure activity may fluctuate, it's unlikely to approach the highs seen in the last decade."
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