Lenders And Mortgage Servers Leave 1.6 Million Homes In Florida Vacant In Attempt To Manipulate Housing Prices

A new study found that over 1.6 million homes are sitting empty across Florida. Florida ranks #1 in vacant homes. Yet, Florida only makes up about 10% of the vacant homes nationwide.

The study by LendingTree says almost 1.7 million homes in the Sunshine State are vacant. This also outpaces larger states like California and Texas.

Researchers also used the latest data from the U.S. Census Bureau to determine the states with the highest number of vacant homes:

1. Florida: 1,680,844
2. California: 1,248,161
3. Texas: 1,216,084
4. New York: 955,437
5. Michigan: 631,361

However, when it comes to the vacancy rate, or a state’s share of unoccupied homes, Florida comes in at No. 6:

1. Vermont (22.86%)
2. Maine (22.68%)
3. Alaska (20.51%)
4. West Virginia (18.12%)
5. Alabama (17.69%)
6. Florida (17.13%)
7. New Hampshire (16.74%)
8. Mississippi (16.26%)
9. Louisiana (16.21%)
10. Wyoming (15.88%)

Researchers also noted that the national average vacancy rate is 11.66%.

So Why Are There 1.6 Million Vacant Homes In Florida?

Florida has one of the hottest housing markets in the country. Yet, there are a plethora of vacant homes. The study’s authors also noted that other factors are at play when it comes to real estate.

High vacancy rates and high home prices can also suggest that an area has unique characteristics. The areas could be targeted by investors. As a result, lenders and mortgage servicers could be holding on to the properties. 

Researchers also note that low vacancy rates and high housing prices are signs of a highly competitive market.

Locally, the housing market has shown no signs of slowing down. Redfin also stated in a recent study that Tampa made the number three spot for U.S. cities people are moving to.

Redfin’s study also ranks Miami at number one. This is followed by Phoenix, Tampa, Sacramento, and Las Vegas to round out the top five.

This is having a significant impact on Tampa Bay’s housing market with Tampa forecasted to be the hottest housing market in the country in 2022, according to Zillow.

Last month, an analysis by Zillow found that housing inventory in the region is down 46% from pre-pandemic levels.

Researchers used the latest data from the U.S. Census Bureau to determine the states with the highest number of vacant homes:

1. Florida: 1,680,844
2. California: 1,248,161
3. Texas: 1,216,084
4. New York: 955,437
5. Michigan: 631,361

However, when it comes to the vacancy rate, or a state’s share of unoccupied homes, Florida comes in at No. 6:

1. Vermont (22.86%)
2. Maine (22.68%)
3. Alaska (20.51%)
4. West Virginia (18.12%)
5. Alabama (17.69%)
6. Florida (17.13%)
7. New Hampshire (16.74%)
8. Mississippi (16.26%)
9. Louisiana (16.21%)
10. Wyoming (15.88%)

Researchers also noted that the national average vacancy rate is 11.66%.

Read More Real Estate Stories At MFI-Miami.