Processing Foreclosures Is Rapid In California, Slow In Florida

The slower the market is to work, the less efficient it is. Capital gets tied up and can’t be allocated most efficiently.

Processing a foreclosure typically takes two years in Florida’s clogged court system. Now Florida lawmakers are looking at speeding up that process to make the market work more effectively.

Keeping people in homes they can’t afford is doing nobody any favors. It just gums up the economy and slows it down and delays the day when the housing industry turns around.

Foreclosures typically takes three years to process in New York and about 100 days in Texas.

The Washington Post reports: Proponents of measures such as those included in the Florida bill, known as HB 213, argue that prolonging foreclosures means delaying economic recovery, and that the faster ailing markets hit bottom, the faster the healing process can begin.

Last week, the bill overwhelmingly passed in the House. Similar legislation awaits a vote in the Senate during the jampacked final week of the legislative session, which ends Friday.

Among other elements, the bill empowers any lien holder — including condominium associations and homeowners associations as well as banks — to seek expedited foreclosures, including on properties that are deemed abandoned. It would require banks to provide accurate and complete information to courts at the beginning of the foreclosure process, rather than piecemeal filings that often occur throughout the course of each case.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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