Gov. Rick
Scott recently signed into law a bill that would speed up the foreclosure
process in Florida. This is in an effort to reduce the number of days it takes
for state courts to process foreclosures, which takes an average of 800 days.
The bill states that it would be a big help to Florida's real estate market and
the economy.
Through
this bill, foreclosed homes will be returned to the housing market immediately.
This will also make families who went through foreclosures to immediately
return to working on better credit scores and ratings as soon as the
foreclosure is done. According to some reports, banks urged Scott to hasten the
signing of the bill.
According
to an April report by real estate data firm CoreLogic, Florida has the highest
number of foreclosures for 2012. Nine out of ten homes under mortgage have been
foreclosed. Across the state, the Tampa-St. Petersburg-Clearwater metro area
has the most number of mortgaged homes for foreclosures.
Filing
foreclosures has clogged the courts since the U.S. economy, particularly the
housing sector, has suffered from the big slump a few years ago. Scott believes
that speeding up the processing period of foreclosures would benefit the
people, as well as banks who will be able to take homes at a much faster time.
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