FORECLOSURE UPDATE
We have written a lot about foreclosures here, and yes we still lead the nation in this unfortunate department. I thought this was a good article to shed some light about them (by the numbers of cases both in Palm Beach County and the entire state of Florida), and why they just won't go away. 33% of Palm Beach County's cases are at least 2 years old. Of 15,195 pending cases, 5,005 have lingered for over 730 days. Statewide, the numbers are 185,823 total cases with 55,798 more than 2 years old. The new law to fast track the foreclosures, not mentioned in the article, and the new determination of the courts to clear the backlog have paid dividends over the past year. The numbers support that in Palm Beach County with 17,739 cases solved between July 2013 and April 2014 and 194,000 cases statewide. It is clearly suggested that new regulations on banks are preventing them from more efficiently foreclosing on delinquent mortgagees. There is also the issue of many banks having a full plate of toxic assets and they do not want to add to it so as to not show as great of a loss/exposure. They add them when they are ready for them for whatever reason. It is mentioned in the article that it is not uncommon for people to have not made payments for 2 years and still have not received foreclosure papers from their bank, starting the process. So in short, foreclosure in Palm Beach County and Florida as a while is still a mess but improving at a faster pace. Hopefully the courts can finally clear all the cases someday and if you believe that I have a bridge to sell you in Brooklyn! As always thanks for reading and have a great day.
No comments:
Post a Comment