For the last several years, the state of Florida has been labeled as the foreclosure “hot spot” of the nation. In February, a report from RealtyTrac, a market research firm, reported that Palm Beach, Broward and Miami-Dade counties were ranked the highest in foreclosure activity in the nation. The report also noted that Florida’s foreclosure rate was more than three times the national average.
Foreclosures in Florida have been delayed by lengthy court processes, new legislation and owners who successfully stall the proceedings. These delays have caused thousands of files to sit in South Florida courts without any resolution. In an effort to push through aging foreclosure cases, judges are now setting many of these cases for trial in order to speed up the cases that are not progressing. In the brief video below, I discuss this new trend in more detail.