Most of the real estate news that South Florida residents hear these days is good, but that is not the case throughout the rest of the nation. Banks are continuing with foreclosure proceedings in many areas, as the real estate markets remain depressed.
Recent statistics show that Florida has quite a logjam on its hands due to foreclosure filings. The count includes approximately 44,000 cases in Broward County alone, according to the Office of the State Courts Administrator.
Florida homeowners have been hit particularly hard by the foreclosure crisis. Adding insult to injury in the eyes of some is a new bill some Floridian legislators are seeking to introduce that might allow for non-judicial foreclosures. Critics fear the law will help banks and hurt homeowners, but those sponsoring the bill argue that homeowners benefit from the law.
According to a recent decision involving mortgage lender Countrywide (now owned by Bank of America since 2008), over 200,000 African-American and Hispanic loan borrowers could receive between $500 to thousands of dollars in remuneration. A payment of $335 million is meant to settle charges of discrimination stemming from Florida's housing boom. Bank of America will make payments to borrowers nationwide, and thousands of people in South Florida are expected to receive compensation. It is likely that the lender's unfair practices against communities of color led to many needless foreclosures.