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Showing posts with label Florida. Show all posts
Underwater Mortgage
ATTOM CyberCrime CyberThreat Florida ICE Mortgage Mortgage Industry Texas Underwater Mortgage

Rising Underwater Mortgages Signal Strain in Florida and Texas Property Markets

 


A growing number of American homebuyers are turning to adjustable-rate mortgages (ARMs) and temporary buydowns as a way of easing the initial repayment burden when they are faced with persistently high interest rates. This is a new report from ICE Mortgage Technology that indicates more than 8% of borrowers will be using these financing structures by 2025, which indicates that there is a growing reliance on tools designed to lower payments during the first years of a loan. 

Even though these products have been popular among consumers as a way of navigating affordability challenges in a high-cost borrowing environment, the report cautions that they pose inherent risks, particularly since interest rate adjustments and buydown periods could significantly increase future repayment obligations if these products are not properly handled. According to the latest U.S. Home Equity & Underwater Report from ATTOM released in Q1 2025, homeowner equity across the country is not the same. 

In the first quarter, 46.2% of mortgaged residential properties were categorised as equity-rich, which indicates that the total loan balance secured by those homes did not exceed half of the market value of those homes. It is estimated that the share of the market has fallen steadily since it peaked at 49.2 per cent in the second quarter of last year—disappearing from 47.7 per cent in the final quarter of 2024—but still stands at about twice what it was in early 2020. 

The CEO of ATOM, Rob Barber, said that seasonal trends suggest the early-year dip is not uncommon. Historically, the first quarter marks the lowest point in equity-rich proportions before they rebound back to normal in the spring. Additionally, according to the report, there has been a modest increase in financial strain. 

The share of properties with seriously underwater mortgages—where debt exceeds the value of the property by at least 25 per cent—has increased from 2.5 per cent in late 2024 to 2.8 per cent in the first quarter of 2025. In the past year, new research has indicated that negative equity is becoming more prevalent, especially among those who purchased their home during the height of the pandemic-driven housing boom, indicating that negative equity is becoming more prevalent in the area. 

In spite of the modest increase in these cases nationwide, certain Sunbelt markets are experiencing much steeper rises. According to Intercontinental Exchange figures, Cape Coral, Florida, has the highest number of underwater mortgages, with 7.8% of homes, followed by Lakeland at 4.4 per cent, San Antonio at 4.3per centt, Austin at 4.2, and North Port at 3.8. 

Analysts report that these markets, which have seen some of the fastest price growth in recent years, are now experiencing the sharpest hofusing market corrections in their history. According to the ICE Home Price Index, home prices have been growing at a slower rate as of early June than they have in years past, with nearly one-third of the largest U.S. housing markets experiencing price declines of at least one percentage point from recent highs. 

Even though this cooling might theoretically ease affordability pressures, ICE warns that it may hurt the equity positions of recent buyers, especially those who obtained low-down-payment financing through the FHA or VA system. Based on the firm's data, one out of every four seriously delinquent loans would become negatively impacted if sold at distressed prices. It is already evident that certain markets are experiencing the impact of a declining economy. 

For example, 27 per cent of mortgages originated in Cape Coral, Florida, in 2023 and 2024 are underwater, while 18 per cent of mortgages originated in Austin, Texas, are underwater. Andy Walden, who heads ICE's mortgage and housing market research, believes that borrowers with a limited amount of equity-especially those who just purchased a house recently-are the most likely to be affected by the drop in home prices. 

A second source of stress was the return of federal student loan payments and collections in May, according to ICE. A study from ICE McDash and TransUnion revealed that almost 20 per cent of mortgage holders also have student loan debt, a figure which rises to almost 30 per cent for FHA borrowers. 

According to a study, students who have fallen behind on their student loans were four times more likely to fall behind on their mortgage payments, which emphasises the compounding effect student debt has on housing instability. The most vulnerable homeowners are those with mortgages with a low down payment, such as those with FHA and VA loans. 

It has been estimated that nearly three-quarters of all underwater loans in recent years are backed by government-backed products, which were widely used during the housing boom by first-time and moderate-income buyers. This represents the entire increase in mortgage delinquencies over the past year, according to ICE. 

While negative equity is still a significant limitation for homeowners today because the lending environment is much stricter than it was before the 2008 housing crash, thereby reducing the likelihood of a foreclosure wave, negative equity still carries significant limitations on the market today. There is a possibility that it will lock owners in place, preventing them from selling or refinancing their homes, and while many will continue to make payments without immediate hardship, further price decreases or a weakening job market can only lead to increased financial difficulties. 

According to Redfin economist Chen Zhao, by the end of the year, the national home price will drop about 1 peper suggesting that there may be a continued increase in underwater cases. A study from ICE McDash and TransUnion revealed that almost 20 per cent of mortgage holders also have student loan debt, a figure which rises to almost 30 per cent for FHA borrowers. 

According to a study, students who have fallen behind on their student loans were four times more likely to fall behind on their mortgage payments, which emphasises the compounding effect student debt has on housing instability. The most vulnerable homeowners are those with mortgages with a low down payment, such as those with FHA and VA loans. It has been estimated that nearly three-quarters of all underwater loans in recent years are backed by government-backed products, which were widely used during the housing boom by first-time and moderate-income buyers. This represents the entire increase in mortgage delinquencies over the past year, according to ICE. 

While negative equity is still a significant limitation for homeowners today because the lending environment is much stricter than it was before the 2008 housing crash, thereby reducing the likelihood of a foreclosure wave, negative equity still carries significant limitations on the market today. There is a possibility that it will lock owners in place, preventing them from selling or refinancing their homes, and while many will continue to make payments without immediate hardship, further price decreases or a weakening job market can only lead to increased financial difficulties. 

According to Redfin economist Chen Zhao, by the end of the year, the national home price will drop about 1 per cent, suggesting that there may be a continued increase in underwater cases. Although there are considerable equity cushions from pandemic gains and tighter lending standards, which might mitigate broader fallouts, the trend is still regarded as a warning rather than a full-blown crisis at this time. For buyers in vulnerable markets, equity and timing are critical factors to consider when buying.

It has been reported that market analysts are pointing out that there is a transitional housing environment rather than a free fall as a result of the prevailing mix of cooled home prices, changing mortgage structures, and concentrated pockets of negative equity. Several trends have been observed in Florida, Texas, and other high-growth regions, demonstrating how localised market dynamics can differ sharply from national averages. This was particularly evident in areas that experienced rapid appreciation during the pandemic. 

According to experts, even though stronger lending standards and high levels of homeowner equity still contain systemic risk, the concentration of vulnerability among recent buyers and borrowers who have made low down payments deserves careful observation. When economic conditions worsen, the combination of mortgage performance, affordability concerns, and external financial pressures, such as student loan obligations, may create stress points in certain markets. 

Policymakers, lenders, and prospective buyers alike can take solace from the current data on housing's cyclical nature, which serves to highlight both the cyclical nature of the housing market as well as the need to anticipate how affordability tools, equity positions, and market corrections will connect to each other in the months to come.
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Social Media
Encryption Florida Instagram Law Privacy Social Media

Florida Scraps Controversial Law That Threatened Online Privacy

 



A proposed law in Florida that raised concerns about online privacy has now been officially dropped. The bill, called “Social Media Use by Minors,” aimed to place tighter controls on how children use social media. While it was introduced to protect young users, many experts argued it would have done more harm than good — not just for kids, but for all internet users.

One major issue with the bill was its demand for social media platforms to change how they protect users’ messages. Apps like WhatsApp, Signal, iMessage, and Instagram use something called end-to-end encryption. This feature makes messages unreadable to anyone except the person you're talking to. Not even the app itself can access the content.

The bill, however, would have required these platforms to create a special way for authorities to unlock private messages if they had a legal order. But cybersecurity professionals have long said that once such a "backdoor" exists, it can't be safely limited to just the police. Criminals, hackers, or even foreign spies could find and misuse it. Creating a backdoor for some means weakening protection for all.

The bill also included other rules, like banning temporary or disappearing messages for children and letting parents view everything their child does on social media. Critics worried this would put young users at greater risk, especially those needing privacy in situations like abuse or bullying.

Even though the Florida Senate passed the bill, the House of Representatives refused to approve it. On May 3, 2025, the bill was officially removed from further discussion. Digital privacy advocates, such as the Electronic Frontier Foundation, welcomed this move, calling it a step in the right direction for protecting online privacy.

This isn’t the first time governments have tried and failed to weaken encryption. Similar efforts have been blocked in other parts of the world, like France and the European Union, for the same reason: once secure messaging is weakened, it puts everyone at risk.

For now, users in Florida can breathe a sigh of relief. The bill’s failure shows growing recognition of how vital strong encryption is in keeping our personal information safe online.

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Ransomware attack
Data Breach Data threats Florida Ransomware attack

Ransomware Attack on Lab in Florida

Florida-based laboratory witnessed a ransomware attack that has leaked the personal health information (PHI) of more than 30,000 individuals. Nationwide Laboratory Services situated in Boca Raton, noticed suspicious activities on its network on May 19, 2021. After the investigation on suspicious activities, it has been revealed that the group of attackers had used ransomware to encrypt files across the healthcare provider’s network, making data inaccessible for every member. 

Laboratory Services firm recruited a third-party cybersecurity firm to investigate further into the attack and aid with cleanup. According to Digital forensics, the group of cyber-attackers hacked into parts of Nationwide Laboratory Services’ network that housed patients’ PHI. 

The perpetrators of the attack compromised the data of patients including their names, addresses, dates of birth, lab test results, Medicare numbers, medical record numbers, and health insurance information. Furthermore, a notice on the security incident has been released by the Nationwide Laboratory Services that gives a warning that “a small number of individuals had their Social Security numbers affected.” 

According to the lab, the attack did not exploit all nationwide patients’ data. It was also reported that the compromised data varied from person to person. The laboratory firm added, “Nationwide has no indication that any information was or will be used for an improper purpose.” 

It was about October 28 when Nationwide had published a report about the data breach to the Department of Health and Human Services’ Office for Civil Rights. A study has shown, around 33,437 individuals’ personal credentials may have been compromised recently. Individuals who have been affected extensively by the ransomware attack were notified and given recommendations on how to secure their important data. 

“On May 19, 2021, Nationwide Laboratory Services realized that a ransomware virus had begun encrypting files stored on its network,” the laboratory reported…” 

“…An unauthorized entity may have deleted a restricted number of files from its system in addition to encrypting them.” Firm added.
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User Security
Cyber Attacks Florida Surfside Condo Collapse User Security

Heartless Attackers Stole Identities of Surfside Condo Collapse Victims

 

Threat actors are targeting people who died in the June 24 collapse of Champlain Towers South in Surfside by ransacking their bank accounts and opening a credit card in their names. 

“It's terrible. I can't wait to put a face to these deeds right now, and I think all of South Florida is eager to see who would do something like this - what kind of person would do something like this. But I'm looking forward to our police department apprehending them, and they are out there looking. I wouldn't want to be that person right now,” Surfside Mayor Charles Burkett told 10 News.

The account of Antonio Lozano, 83, and his wife Gladys, 79, married nearly 59 years and found in their bed together, was compromised by a hacker the day of their funeral, their son Sergio Lozano told WSVN News. The hackers filled out a change of address form and opened up fraudulent credit cards and bank accounts for his parents’ account, then withdrew money via Zelle. 

“I find it totally devastating, after losing my parents, that I have to deal with all the estate issues, and now I’m having to deal with somebody stealing from my parents. After they’re dead and buried, they’re stealing from them?” Sergio Lozano stated. 

Authorities aren’t revealing details about how many of the victims have already been targeted but are urging family members of victims to check both recent credit history and contact the Social Security office. The death toll from the tragic condo collapse is currently hovering around 100. 

‘It’s the revictimization of the victims that we’re sort of starting to experience right now with these hackers. They’ve seen the names in the paper, they’re going right to that and we’ve had to have discussions with the families and listen to them telling us the stories about all of a sudden credit cards appearing in their names and things being purchased in their name, so we’ve told ‘em, you’ve got to immediately shut down your credit,” Burkett added.
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Mandiant Threat Intelligence
Cyber Crime cybercriminals Florida Mandiant Threat Intelligence

Hacker Attacked a Water Plant in Florida

 

A hacker penetrated computer networks at Oldsmar, Florida, water treatment plant, remotely delivering a 100-fold boost in a chemical that is exceptionally perilous in concentrated sums. In an assault with the possibility to harm public health, the hacker on February 5 accessed a city computer and changed the level of sodium hydroxide which is utilized to eliminate metals and control acidity, from 100 parts for each million to 11,100 parts for every million, as per Bob Gualtieri, who serves as the sheriff of Pinellas County. 

This is a “significant and potentially dangerous increase,” Gualtieri said at a Monday press conference. The attacker momentarily entered the computer system at 8 a.m. on Feb. 5, before leaving and returning at about 1:30 p.m. for roughly three to five minutes, Gualtieri said. In that window, the operator of the water plant could see the attacker on screen, “with the mouse being moved about to open various software functions that control the water being treated in the system,” Gualtieri said. 

When the hacker left the computer system, the operator whose computer was remotely taken over promptly brought down the level of the chemical, otherwise called lye. This move forestalled any harm to people in general and the drinking water, Gualtieri said. He said there were extra counteraction measures inside the water system that would have kept polluted water from reaching the public. It isn't yet known whether the break originated from the U.S., or outside of the country, Gualtieri said. Oldsmar, with a population of almost 15,000, is situated around 15 miles northwest of Tampa.

“Many of the victims appear to have been selected arbitrarily, such as small critical infrastructure asset owners and operators who serve a limited population set,” said Daniel Kapellmann Zafra, manager of analysis at Mandiant Threat Intelligence. Through “remote interaction with these systems,” the hackers have engaged in “limited-impact operations.” None of those examples brought about any damage to individuals or infrastructure, Zafra said. “We believe that the increasing interest of low sophisticated actors in industrial control systems is the result of the increased availability of tools and resources that allow malicious actors to learn about interactions with these systems,” he added.
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Twitter
Cybersecurity Florida Twitter

Florida Teen Responsible for Hijacking High Profile Twitter Accounts Arrested, Faces 30 Felony Charges


US police authorities in a press conference on Friday said they had arrested the main accused and two other suspects responsible for a major Twitter hack earlier this month. The main accused is recognized as Graham Ivan Clark, 17 years teen who lives in Tampa, Florida. WFLA-TV, a Florida-based news agency that reported the incident for the first time, said that it was the main suspect (Clark), who was arrested for the Twitter attack. The arrest happened through a national collaboration IRS, Secret Service, the FBI, and the DOJ.


Andrew Warren, State Attorney of Hillsborough, charged Clark responsible for the 15th July Twitter incident. Clark was alleged for being the "mastermind" behind the attack in which the 'suspects hijacked various high profile Twitter accounts.' The hackers used these accounts to tweet about fake cryptocurrency scams. Here's a list of hijacked accounts: Joe Biden, Barrack Obama, Bill Gates, Kanye West, Elon Musk, Apple, Jeff Bezos, Uber, Michael Bloomberg, Kim Kardashian, and various others. According to officials, the hack resulted in getting $1,00,000 worth amount transferred to Clark's account within a day.

Clark now faces 30 felony charges. These include: 

  • Communications Fraud 
  • Organizing Fraud 
  • Use of personal information for frauds 
  • Accessing electronic device without legal authority


The charges specified above were declared through Livestream by the Hillsborough State Attorney. In the beginning, Warren didn't specify whether Clark had other associates working for him. After the press conference, it came to public notice that two other suspects were working with Clark, identified as Mason Sheppard, 19, alias name "Chaewon," and Nima Fazeli, 22, alias name "Rolex." The suspect's arrest happened just after Twitter had published its inquiry report related to th 15th July Twitter hack.

Some of the critical points in the report are mentioned below:

  • The incident happened on 20th July 2020 
  • To gain access to Twitter employees' accounts, hackers used phone bases social engineering systems. Hackers got access to the slack accounts and gained credentials (Yet to be confirmed) 
  • Hackers escaped the 2 step authentication; the report doesn't mention whether backend accounts or slack accounts. 
  • After this, hackers used Twitter's tech support tools to control the accounts. 
  • Hackers breached 130 accounts 
  • Hackers also attempted to sell some of the high profile Twitter profiles.
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Networks Breached
cyber attack Cyberterrorism Florida Networks Breached

Pensacola City Hit by a Cyberattack After Deadly Shooting at Naval Air Station


The city of Pensacola, Florida was hit by a cyberattack that came in the wake of a deadly shooting at the naval air station wherein a Saudi flight student killed three sailors and wounded eight others.

As the trainee who pulled the shooting had ties to a foreign nation, the incident was labeled as a potential terrorist attack and has consequently incited international controversy. Officials suspect a link between both the incidents, however, no confirmatory lead has been gained onto the subject of the connection between the two events.

The city has been struggling with the cyberattack that began around 1:45 a.m on Saturday and took down the city's computer systems while keeping various city services at halt. Reportedly, the incident has incapacitated the city's online payment services, email services, phone lines, and 311 customer service. However, emergency support services such as fire and police remain unaffected during the incident, as per the officials.

Commenting on the matter, the city's spokeswoman, Kaycee Lagarde said, "I can confirm the city of Pensacola has experienced a cyberattack and we've disconnected much of our city's network until the issue can be resolved."

"As a precaution, we have reported the incident to the federal government," Lagarde added.

Officials have been investigating to determine the nature of the attack, whether it was a ransomware attack or not along with the details of any valuable information lost during the incident.

"The city of Pensacola is experiencing a cyber attack that began this weekend that is impacting our city network, including phones and email at City Hall and some of our other buildings," said Mayor Grover, C. Robinson.

"We're still trying to figure out what's happened, what's there and what there may be potential for."

"We don't know if they're connected or not,"

"We have discussed and we have talked with the FBI. It's my understanding that we sent stuff to them, and we're continuing to work. Our computer people worked through the weekend to see what was happening." He further told at his weekly press briefing.

This year witnessed an unusual rise in the number of cyberattacks on governments– local and state; US cities and towns have been particular targets for ransomware attacks in recent times. Reports state that most of these were co-ordinated chains of attacks aimed at breaching computer networks.

The latest statements on the issue suggest that the city is actively involved with the FBI in order to resolve the matter.
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Ransomware
Florida Phishing emails Ransomware

Florida city to pay $600,000 to a ransomware gang





The city council of  Riviera Beach, Florida, have voted unanimously to pay more than $600,000 in Bitcoins to a ransomware gang who had held its computer systems hostage for three weeks. 

The ransomware spread throughout the city’s computer network, after an employee clicked on a malicious link in an email. 

"Ransomware is commonly delivered through phishing emails or via 'drive-by downloads,'" according to Homeland Security. "Phishing emails often appear as though they have been sent from a legitimate organization or someone known to the victim and entice the user to click on a malicious link or open a malicious attachment."

The attack has locked all files and shut down all the city's services. Operations have been down ever since, with the exception of 911 services, which were able to continue to operate, although limited.

According to the Palm Beach Post’s report the ransomware affected the city’s email, 911 calls couldn't enter into computer records, and systems that controlled the water utility were offline.

The city council first decided to resolve the issue by paying $941,000 for new computers, but now they have decided to pay the ransom.

The amount of money would be paid from the city's insurer, although it's unclear wether hackers will decrypt the locked files afterward or not. 

The city council refused to comment.  



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ransomware attacks
Bitcoin ransom Cyber Attacks Florida Ransom ransomware attacks

Hit by Ransomware Attack, US Town Agrees to pay Attackers $600,000 in Bitcoin



Riviera Beach, a small city which is located just north of West Palm Beach, fall prey to a massive cyber attack, wherein the hackers paralyzed the city's computer systems and have asked the city council to pay a $600,000 ransom in Bitcoin in order to have the data released.

With the hope of regaining the access to the encrypted data in the cyber attack, the officials of the Florida town conducted a meeting this week where the council agreed to pay the criminals 65 Bitcoin, a difficult to track currency.

Reportedly, it was after an employee of the town's police division accessed a phishing email, the virus which paralyzed all the computer systems in the city was unleashed.

To spread the word about the ransomware attack amongst the residents, a notice was posted on the city website which stated that they had undergone a data security event and was "working with our internal management team third-party consultants to address all issues."

Commenting on the matter, Mr. Rebholz, a principal for Moxfive, a technology advisory firm, said, “The complexity and severity of these ransomware attacks just continues to increase,”

“The sophistication of these threat actors is increasing faster than many organizations and cities are able to keep pace with.” He added.

A number of American cities have fallen prey to similar, computer-based breaches wherein the attackers demanded heavy ransoms for the restoration of the networks. Recently, Baltimore experienced a similar attack and though they refused to pay the ransom, the attack cost the city $18 million to fix damages.


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