Florida foreclosures may be good for recovering market

What will the new Florida bill to speed up our state’s lagging foreclosures mean for Floridians? Millions are still enduring financial challenges, while others are recovering along with the housing market, looking to buy property, and moving on. Whether you’re facing foreclosure now or if you’re recovering from a personal bankruptcy and attempting to repair your credit, you will probably be affected by the new bill designed to speed up foreclosures in Florida.

RealtyTrac reports that Florida is back in the number one spot for foreclosures across the nation, with one pending foreclosure for every 302 homes in the state. Although this is three times as high as the U.S. average, RealtyTrac says it’s not necessarily a bad thing. We will need foreclosures to go through the courts, rather than stagnate, for the housing market to continue to recover.

Financial experts say many of the foreclosures clogging up the courts right now are delinquent mortgages from the 2009 housing crisis, and the current numbers are still much better since the market began recovering last year. And real estate agents assure that there is a strong demand for homes for sale, which should help to keep housing prices stable and healthy. In fact, some report bidding wars in some areas of the state.

We’ve mentioned before that vacant properties depress the real estate market. Many homeowners who have moved out of their homes are ready for the process to just be over and to move on with their lives. Speeding up foreclosures can do just that.

However, for homeowners who want to stop repossession, the bill adds a level of urgency. It can help to speak with a bankruptcy lawyer for options on how to keep your home.

Source: Sun Sentinel, “RealtyTrac: Florida leads nation in foreclosures,” Paul Owers, June 12, 2013