LAKELAND, Fla. — Foreclosure is often a stressful and emotional experience. It is something real estate broker Bob Miller knows all too well.
"It was humiliating, it was humbling, it was embarrassing, and I curled into a little ball and waited until they knocked on the door," said Miller.
Miller’s own home was foreclosed on back in 2007, during the economic downturn. Today, his company, MillShire Reality, specializes in helping homeowners avoid foreclosure. Miller said climbing insurance costs are why some homeowners can no longer afford their mortgage payments.
"Since 2022 home values went up 50% and now home values have dropped. So those people are stuck in their homes and now they're seeing insurance premiums go up and they really don't have a lot of options. Some of them are simply opting just not to pay anymore," said Miller.
The Lakeland-Winter Haven area had the highest foreclosure activity among similar-sized metros in the country in the third quarter of 2025. That's according to a new report by a real estate data company ATTOM.
This means one in every 470 homes in Lakeland had foreclosure filings, compared to the national rate of one in every 1,402 homes.
This marks a 33.5% increase in Lakeland year over year, but not everyone views the trend as a crisis.
"We're not at a disaster stage of the real estate market. The real estate market is still healthy," said Gate Arty, realtor with Keller Williams Realty in Lakeland.
Arty said the housing market is simply adjusting to rapid population growth.
"With an increase in population, everything is going to increase. The rate of sales is going to increase, the rate of foreclosures is going to increase, and the rate of construction is going to increase," said Arty.
Experts say communication is key. Homeowners struggling to make payments should reach out to their lender early before foreclosure becomes inevitable.
"The biggest misconception is that the banks want your house. Given the choice, they'd rather take the monthly payments over your home. So call them when you simply can't make the payment. They are going to work with you," Miller said.
Lakeland is not the only Florida metro feeling the sting of foreclosures. Five of the 10 highest foreclosure rates last quarter were in the Sunshine State.
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Rebecca Petit is dedicated to telling your stories from every corner of Polk County. She knows how growth has been a major discussion point for the area, and the impact it’s had on some of our most vulnerable populations. You can connect with Rebecca by using the form below.
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