Even though the real estate market is making a comeback in Florida, the sunshine state is still considered to have the highest number of foreclosures of any state in the U.S. Recently, a bill has been passed that is supposed to help speed up the economic recovery in Florida, however, legislators are quite divided when it comes to the matter. In theory, the bill is designed to help bring more inventory back into the real estate market by speeding up the foreclosure process. The conflict of interest can be explained in only a few words: critics of the bill claim that this bill does not look out for the constitutional rights of the people, supporters of the bill claim that it will help bring houses back on the market for those who can pay for them. The only part of this Florida bill that has been popular across the board is the fact that now banks cannot contact homeowners in foreclosure for more than a year, as opposed to the original five years. Critics also claim that this bill will clog the judicial system because certain “shortcomings” in the bill can lead to several court appeals on the matter of foreclosure per case.
Either way, there is no denying that the housing market is making a comeback in south Florida, especially Palm Beach county and Broward county. Palm Beach county Florida is still one of the best places to live in the entire country, let alone the state of Florida. This bill has the potential to help first time home buyers procure their new home in this beautiful area more easily.
Information derived from the Palm Beach Post news.
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