Positive News for Floridians

A plan to channel $1.5 billion to housing agencies in five states hit hardest by the real estate crash has Florida officials hopeful they can keep more people in their homes and out of foreclosure.
President Obama announced the program Friday while in Nevada for a town hall meeting and campaign push for Senate Majority Leader Harry Reid. The states included in the new program are Nevada, California, Arizona, Florida and Michigan, all of which consistently rank high on mortgage related issues.
But with more than 20 percent of its home loans seriously delinquent or in foreclosure, Florida tops the nation for defaults, according to a Mortgage Bankers Association report also released Friday. What this truly means is that the government is making serious strides to stem the foreclosures. This has to happen or property values hit hard are not going to improve. However once we do get this situation in check I look for values to rebound rather rapidly. Buyers should get busy.