Florida's Foreclosure Crisis Could be Diminishing

ForeclosuresJersey President and co-founder, Jeremy Shapiro Florida's dormant housing market showed signs of life in May and has been for a few months. Miami-Dade County posted a small price increase in condos and single-family houses, while prices in Broward remained essentially flat. There is still a huge inventory of homes on the market and the small increase in sales is hardly making a dent in the amount. In Michigan lenders are selling foreclosed homes at fire-sale prices to get them off their books. That in turn, is fueling a decline in residential property values. The median price in Calhoun and Eaton counties so far this year has dropped to $68,900 from $85,000 at this time in 2007. California's Assembly Majority Leader Alberto Torrico, has helped but together a bill aimed at reducing foreclosures by providing homeowners with three to four months of advance notice on the initial home loan resets, was recently approved 6-5 in the Senate Banking and Finance Committee.

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