Fast Track Efforts and other benefits in investing in Florida Foreclosures

Fast track action by law makers and judges in Florida trying to speed up foreclosure cases will prop up the state market for housing and the prospects for investors eyeing Florida foreclosures.
The Florida State Courts Administration through its various courts across Florida has requested an amount of $9.6 million to clear the courts of the excessive backlog of Florida foreclosures that threatens the recovery of the housing market. Retired judges and other case mangers that would be hired for the purpose will be paid by these funds.
Data from State courts suggest that around 500,000 Florida foreclosures cases are opening in the state with 80,000 emerging from the Miami-Dade area which is hardest hit. Next in line is Palm Beach County with 55,000 cases followed by Martin and Saint Lucie by 2530 and 11220 cases pending respectively.
Florida judges say that as foreclosure inventory builds up, it has an adverse impact on the local housing market. If a foreclosure case takes more than a year, the property will suffer neglect causing blight to the neighborhood and pull down values of local property.
Once foreclosures are resolved they are either saved by home owners, or taken back by lenders and sold to buyers and investors. The crucial point is that every property will have a legal owner, either an investor or an owner and no home will be left to neglect and dilapidation, to cause neighborhood blight and plunging property values.
Some lawmakers are looking at other ways to speed up process of foreclosure. A few of them have proposed a bill that will help mortgage lenders to implement non-judicial foreclosures after securing borrower’s agreement. If non judicial foreclosure is approved, the process of foreclosure can be finished in 3 months. Experts point out that the Bill will benefit condo associations in particular.
Investing in Florida foreclosures is a golden opportunity for potential buyers. It is a tourist haven with the Disney World, the largest Vacation resort in the world. It has also Universal Orlando Resort, Busch gardens, Sea world etc which attract 60 million visitors to the state every year.
The GDP of the state was $734 billion making it the fourth largest economy in the country. Florida is one among nine states that does not impose personal income tax. Since the establishment of NASA launch site at Cape Canaveral, Florida has become the site of a big aerospace industry. Another important economic driver is the US military with 24 military bases. Historically Florida has thrived on agriculture and cattle farming. From education to sports, Florida has a high quality of amenities and recreation.
Because of the speedy availability of Florida foreclosures at economical rates, it presents an opportunity for investing in a high quality of life in the state.