Florida’s foreclosure crisis refuses to ease up, according to new data.
A 23-year-old man who recently moved into a $2.5 million mansion using an obscure real estate law is in good company: a $4.6 million oceanfront mansion is among other foreclosed properties to risk being taken over by squatters.
Sales of foreclosured properties skyrocketed in the third quarter of 2012, new data reveals.
Unmasking suspected squatters isn’t simple because they are turning up in homes that are up for sale.
Foreclosures have crippled the South Florida home market since the Great Recession hit and while the rest of the nation has started to show improvement, Florida continues to struggle to recover from the worst economic collapse since the Great Depression.
Tampa-area police are asking residents to keep a watchful eye for people “camping out” on foreclosed or vacant properties.
A measure which would have sped up the foreclosure process floundered in the Florida legislature before lawmakers called it quits this past week.
The foreclosure crisis crippled South Florida and created a backlog in the court system; and even though the overall economy is improving, the housing market remains in limbo.
With Florida atop or near atop the list of foreclosure-ridden states, lawmakers on Thursday began looking again at ways to speed up the handling of foreclosure cases that now can take two years or more to wind their way through the courts.
Another setback for South Florida’s struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called “shadow inventory.”