2005 Florida was truly the sunshine state. Unemployment was down to
record lows and the housing market was on a continuous upswing. Many
predicted that the trends would not last. Unscrupulous lending practices
along with an overvalued market and the changing economy was leading
many down the road to financial hardships. Initially it was the single family
home market which was causing the rise in Florida foreclosure listings, now
it is affecting the condo market. Too many Floridians have their homes on
the market, there is simply not enough buyers.
Florida legislators are proposing a tax relief on property taxes to attempt
to thwart the Florida foreclosure listings to grow any further. By providing
this tax relief, it is hoped that more homeowners will be able to afford to
stay in their homes. Some naysayers claim that this legislation will not be
enough, however, the project needs to be enacted to determine what, if
any, it will do to the bottom line of the Florida real estate market.
Florida, the Sunshine State has always been a hot tourist spot along with a
great real estate market. The wonderful climate, plethura of high
secondary education and ample opportunity to land gainful employment
relatively easy, and low cost of living makes makes Florida an attractive
place to experience homeownership to both the young and old. It is these
same homeowners who are experiencing the hardest crunch to make their
payments on their homes. Predatory lending practices as well as
skyrocketing credit consumer interest rates along with ARM mortgages
hitting their peaks have caused the State of Florida to be among the
highest in foreclosures.
Many are saying the housing market crisis will not be over until 2010. The
tax relief being proposed by the Florida legislation may not be enough for
everybody, but it should help a great number to obtain some financial
breathing room. The financial breathing room may be just enough to slowly
turn around the depressed housing market and to stop the Florida
forclosure listings from continuing to grow. However, if your finances are
intact, you have job security and are looking for some prime Florida real
estate at some rock bottom prices, the Florida foreclosure listing should be
your first avenue to check when considering the purchase of Florida
property.