ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Commercial foreclosures are up in the Sunshine State as the challenges facing borrowers persist.
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In September, there were 70 commercial foreclosures in Florida, up from 47 year-over-year, with the year 2024 having 538 so far. Commercial foreclosures have ticked up since record lows in 2020, according to real estate data provider Attom.
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High interest rates have ramped up payments for many borrowers who have adjustable-rate mortgage and also made it more challenging for borrowers with expiring low-rate loans to refinance into mortgages with higher rates. For owners of development sites, the combination of high rates and elevated construction costs has made it difficult for some of them to move forward as the maturity date of their land loans grows near.
Click here to read the full story on the Orlando Business Journal’s website.
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