Tourist hotspots at center of foreclosure boom as locals struggle
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Americans living in tourist hotspots are increasingly losing their homes after failing to keep up with mortgage payments. Foreclosure filings across the US rose 13 percent in July compared to the same time last year, affecting 36,130 families.

Americans living in tourist hotspots are increasingly losing their homes after failing to keep up with mortgage payments. Foreclosure filings across the US rose 13 percent in July compared to the same time last year, affecting 36,130 families.

Those notices — which include default notices, scheduled auctions, and bank repossessions — were most heavily concentrated in Florida and Nevada. Nevada led the nation with the most foreclosures last month, seeing one in every 2,326 residential properties face a default.

Those notices — which include default notices, scheduled auctions, and bank repossessions — were most heavily concentrated in Florida and Nevada. Nevada led the nation with the most foreclosures last month, seeing one in every 2,326 residential properties face a default.

The Sunshine State followed closely with one in every 2,420 homes subject to a foreclosure notice, according to the latest findings from data analytics firm, ATTOM. Both Nevada and Florida are hotspots for tourism, an industry that has been hard hit as uncertain consumers look to reign in their budgets.

The Sunshine State followed closely with one in every 2,420 homes subject to a foreclosure notice, according to the latest findings from data analytics firm, ATTOM. Both Nevada and Florida are hotspots for tourism, an industry that has been hard hit as uncertain consumers look to reign in their budgets.

Targeted boycott campaigns from Canada as a result of President Trump's tariff policies have also hurt local economies across the US. 'Florida and Nevada both have local economies that are heavily reliant on the tourism industry,' Realtor.com senior economist Joel Berner explained. 'Tourism tends to be volatile, and when economic growth slows as it has this year, that industry is often the first and most painfully impacted.

Targeted boycott campaigns from Canada as a result of President Trump’s tariff policies have also hurt local economies across the US. ‘Florida and Nevada both have local economies that are heavily reliant on the tourism industry,’ Realtor.com senior economist Joel Berner explained. ‘Tourism tends to be volatile, and when economic growth slows as it has this year, that industry is often the first and most painfully impacted.

'Some homeowners in these states may be losing their jobs and becoming unable to make their mortgage payments.' Tourism in Las Vegas is particularly tied to the gambling industry which has seen a tumble in visitors in recent months. The housing market in the Nevada city is also seeing a surge of single-family listings hitting the market , with new homes pouring in daily as supply massively outweighs demand.

‘Some homeowners in these states may be losing their jobs and becoming unable to make their mortgage payments.’ Tourism in Las Vegas is particularly tied to the gambling industry which has seen a tumble in visitors in recent months. The housing market in the Nevada city is also seeing a surge of single-family listings hitting the market , with new homes pouring in daily as supply massively outweighs demand.

According to the June Monthly Housing Report from Realtor.com, new listings across the US rose 6.2 percent compared to the same month last year. But nowhere is the trend more dramatic than in Sin City, where housing inventory has skyrocketed a staggering 77.6 percent year-over-year — the highest in the nation. 'As inventory grows without additional demand for homes, home values fall and homeowners' mortgages become "underwater," meaning that they owe more on their home than it is worth,' Berner explained.

According to the June Monthly Housing Report from Realtor.com, new listings across the US rose 6.2 percent compared to the same month last year. But nowhere is the trend more dramatic than in Sin City, where housing inventory has skyrocketed a staggering 77.6 percent year-over-year — the highest in the nation. ‘As inventory grows without additional demand for homes, home values fall and homeowners’ mortgages become “underwater,” meaning that they owe more on their home than it is worth,’ Berner explained.

'These homeowners are often struggling to make their mortgage payment, and now that even selling the home can't get them out of debt, many end up defaulting instead.' Florida has been hit hard by the drop in Canadian visitors as many people, known as snowbirds, once headed to the state for a reprieve from the harsh winters of the Great White North. However, disillusionment with their southern neighbors has even led some Canadians to sell their dream US vacation homes.

‘These homeowners are often struggling to make their mortgage payment, and now that even selling the home can’t get them out of debt, many end up defaulting instead.’ Florida has been hit hard by the drop in Canadian visitors as many people, known as snowbirds, once headed to the state for a reprieve from the harsh winters of the Great White North. However, disillusionment with their southern neighbors has even led some Canadians to sell their dream US vacation homes.

Home prices are falling across Florida as condo owners look to offload their properties as HOA and insurance costs skyrocket. The average condo sale price in the US fell 2.2 percent year over year to $354,100 in May, according to data from Redfin — the second largest drop in records dating back to 2012 .

Home prices are falling across Florida as condo owners look to offload their properties as HOA and insurance costs skyrocket. The average condo sale price in the US fell 2.2 percent year over year to $354,100 in May, according to data from Redfin — the second largest drop in records dating back to 2012 .

It comes as one of New York City's ritziest neighborhoods has also been hit by a shock surge in foreclosures in recent months. A slew of wealthy residents along Manhattan's historic Park Avenue had their apartments foreclosed on earlier this year. Foreclosure rates are also soaring across New York City overall. Figures last month revealed a double-digit spike in mortgage defaults across the city in spring.

It comes as one of New York City’s ritziest neighborhoods has also been hit by a shock surge in foreclosures in recent months. A slew of wealthy residents along Manhattan’s historic Park Avenue had their apartments foreclosed on earlier this year. Foreclosure rates are also soaring across New York City overall. Figures last month revealed a double-digit spike in mortgage defaults across the city in spring.

The swanky stretch of Park Avenue, that is lined with manicured gardens, logged a cluster of foreclosures, despite the sky-high property prices. ' Interest rates are rising, there is high economic distress, many times generational wealth does not mean someone is liquid,' luxury Serhant realtor Peter Zaitzeff told the Daily Mail. 'Pandemic-era protections against foreclosure are also gone, so that is also a factor.'

The swanky stretch of Park Avenue, that is lined with manicured gardens, logged a cluster of foreclosures, despite the sky-high property prices. ‘ Interest rates are rising, there is high economic distress, many times generational wealth does not mean someone is liquid,’ luxury Serhant realtor Peter Zaitzeff told the Daily Mail. ‘Pandemic-era protections against foreclosure are also gone, so that is also a factor.’

 

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