ORLANDO, Fla. — According to a new report by Realtor.com, foreclosure rates are on the rise — and in the country, Orlando is No. 6 among U.S. cities with surging filings.

The organization's research shows Orlando had 5.1 foreclosure filings per 10,000 units in June.

It's a trend Central Florida experts say will get worse.

Ray Lopez has been in real estate for ten years and says the feeling of handing someone the keys to their new home keeps him going.

“Oh, it is everything,” said Lopez, who is the Operating Principal at Keller Williams. 

As a broker, he says he keeps a close eye on the numbers and is noticing a trend that has some worried.

“There is an uptick in foreclosures,” said Lopez.

He says that increase is tied to the end of the moratorium on foreclosures during the pandemic.

“When they say the foreclosure filings have spiked, it just means we went from almost none, up some 185% higher, and then year-over-year we are 13% higher, but still below pre-pandemic levels”, said Lopez

He explained that many struggling homeowners have mortgages they can’t afford with the foreclosure protection no longer in place.

“When people were buying in the last two years, because it was a buying frenzy, they were buying at their top," Lopez said. "So they were getting approved for $500,000 and they were buying $500,000."

While Lopez says there is no need to panic — as numbers are nowhere near where they were during the housing crash of 2008 — it will get worse before it gets better.

For those who could face foreclosure this year, he said the best thing to do is contact a bank or a real estate agent and ask about the home’s equity.

“If you don't pay and it gets foreclosed on, the bank gets all the equity," Lopez said. "If you sell the house, you realize that equity and you can get on with your life."