The following article was published in the Daily Business Review and written by Samantha Joseph for the DBR. The South Florida Law Blog has republished select exerpts with quotes from Roy Oppenheim, Oppenheim Law.
New Wave of Short Sales
A new wave of short sales could be part of the fallout from Florida’s Fair Foreclosure Act as property owners move to mitigate losses under the law that gives both new powers and new responsibilities to lenders, real estate brokers say.
The law took effect July 1, months after state lawmakers allotted millions of dollars to accelerate cases clogging court dockets.
South Florida has been a hotbed for distressed properties for years since the housing crash. Miami ranked among the top 10 metro areas in the country for foreclosures in 2013, according to Irvine, Calif.-based RealtyTrac. Broward County foreclosure filings rose 11 percent in 2013, while December’s count was 30 percent higher than November’s numbers, public records show.
The Florida statewide foreclosure average is 944 days, or about 2.6 years. It is is the third-longest timeline in the country, behind New York (1,029) and New Jersey (999).
With more than 350,000 cases on dockets across Florida, the state ranks third in the nation behind New York and New Jersey for longest foreclosure timelines, according to RealtyTrac.