Florida foreclosure filings spike — Hernando County up 190% year-over-year

What’s happening

Foreclosure filings in Florida’s Tampa Bay region surged in April, with Hernando County recording a 190% year-over-year increase — the steepest in the region. Polk County and neighboring counties also saw elevated filings as the combined pressure of high insurance premiums and mortgage rates in the 6–7% range erodes homeowner finances.

Industry observers note that many distressed owners are homeowners who bought at peak 2021–2022 prices with adjustable-rate or 3/1 ARM products that are now resetting into today’s rate environment.

Why this matters if you’re buying

Rising foreclosures are a mixed signal for buyers. On one hand, distressed inventory can create legitimate purchase opportunities at below-market prices — especially in markets like Hernando, Pasco, and Polk counties where competition is lighter than in coastal metros. On the other hand, a neighborhood with elevated foreclosure density is a signal about carrying costs and demand.

What buyers should watch:

• Distressed sales ≠ deals without homework. Foreclosures often come with deferred maintenance, liens, and title complexity. Budget for a thorough inspection and a title search, and work with an attorney familiar with Florida foreclosure closings.
• Check neighborhood foreclosure concentration before you offer. One foreclosure on a block is normal. Five is a signal. Use county property appraiser data or ask your agent for sale history by street.
• Insurance is likely the driver. In many of these distressed cases, insurance costs — not the mortgage — pushed owners over the edge. Run your own insurance quote early so you’re not surprised by the same dynamic post-close.
• ARM resets are creating inventory. If you’re buying in 2026–2027, you may see additional motivated sellers as 2022-vintage ARMs reset. That creates negotiating leverage in markets outside the coastal hotspots.

Related FAQs

• Florida’s home insurance crisis explained
• Steps to buying a home in Florida