The housing organization in South Florida have been given the opportunity to purchase over 2,000 homes in foreclosure that could ultimately end up with individual homebuyers. The Federal Housing Finance Agency stated it is broadening its Neighborhood Stabilization Initiation to South Florida and 17 other metro areas across the nation.
Since the beginning of December, housing groups have been given the opportunity to purchase properties valued at $175,000 or less before making them available to the general public.
New foreclosures dropped dramatically across South Florida last month, though the number of repossessed homes by banks has increased as the courts are clearing up the dockets. According to RealtyTrac, there has been a 53 percent decline since November of 2014 in foreclosure filing in South Florida. In November there were just 831 foreclosure law suits in Palm Beach, Broward and Miami-Dade Counties.
Broward County’s foreclosure division is going to need all the help it can get in the next few months to keep its head above water. After several layoffs, harsh budget cuts, and the county taking a huge hit during the collapse of the housing market, it is going to take nothing short of a miracle for the thousands of foreclosure cases to work through the already clogged dockets.