A crushing backlog of foreclosure cases has pushed Florida's courts to request a one-time payment of $9.6 million to help purge the system and quicken a market recovery.
The Florida State Courts Administration estimates 500,000 property foreclosures are pending, including 36,880 in Broward, 80,100 in Miami-Dade and 55,000 in Palm Beach.
Without additional resources to clear the cases, judges fear the bottleneck will continue to drag down home values, which aren't expected to stabilize until the glut of foreclosures moves through the system.
It's routine in Florida for foreclosures to take more than a year to settle, leaving deteriorating homes, unpaid association fees and families facing uncertain futures.
``We want to be good partners in the economic recovery, not part of the problem,'' said Peter Blanc, chief judge of the 15th Judicial Circuit Court in Palm Beach County. ``We want to get properties through the courts and back onto the market. The numbers are just overwhelming.''
A Barclays Capital report last week found Florida has one of the highest foreclosure backlogs nationally, even singling out South Florida -- Miami-Dade, Broward and Palm Beach counties -- saying it is ``remarkable'' that the area may only be 18 percent finished with liquidating its delinquent property loans through foreclosure.
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Flordia: The State of Hanging Chads
ReplyDeleteEnough said.
FloriDUH.
ReplyDeleteThings are different here.
How about them moving to eliminate the courts from the foreclosure process? The banks have legislation pending to allow them to simply take the property, no courts, no motions, no rights, no nada. Bye bye.