Florida Foreclosure Task Force Founded
February 25th, 2008 by 
Joseph Smith
Following the lead of several other governors and state representatives around the country, Florida Governor Charlie Crist announced Wednesday the formation of an anti-foreclosure task force to combat the rising levels of foreclosure homes across the state.
Made up of experts in the fields of banking, lending and the mortgage industry, the new group has been charged with devising plans to find ways to lessen the amount of foreclosures by state going to sale and to allow homeowners more of a chance to stave off a foreclosure in the event of default. The group also includes some state representatives and delegates, who will work together with the industry professionals to find ways to accomplish these goals legislatively or through other means.
Nationally, a collective of banks and lending institution backed by the United States Treasury Department recently agreed to impose a 30 day “freeze” on homeowners who have been in default in excess of 90 days. The Florida group will probably be working towards similar action on the state level. Plans could also include instituting a law requiring more time between an original default and when lenders can file for foreclosure, as well as rules requiring lenders to contact buyers personally about imminent foreclosures.
Florida’s foreclosure homes count nearly doubled between 2007 and 2006, and the state ranked second among states with the highest total number of foreclosures. Florida has been near the top of the list for several years, and with more expected to come on the books in 2008, the state is looking to combat the trend and keep the housing market from falling too much further.
Many of the properties coming on to the market have been new constructions, as investment and development have soared in the past decade, and many of these new homes are simply sitting on the market losing value, costing investors a great deal of money. There are plenty of foreclosure homes available for purchase at auction and through other repo sales. Florida real estate will always be in high demand due to the state’s climate and beauty, but it could be a while yet before home values start to rise again.
