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The Foreclosure Crisis in America

            Ever since the economy hit record lows in 2008, foreclosed house have been on the rise. People were no longer able to afford their houses for various reasons such as the loss of a job or climbing interest rates (arms). In addition there were many people taking advantage of the economic hit by letting their houses go into foreclosure and then simply purchasing another house with a low interest rate that was much more affordable. Because of this, there are forgotten foreclosures all over Jacksonville. In Jacksonville alone there are 11,322 houses in foreclosure making it the third highest in the nation as of June 2013 according to the Jacksonville Business Journal. The exponential amount of empty houses is causing property values to drop dramatically, causing many citizens to worry about their homes value.
             It takes an average of 800 days to complete all the steps in purchasing a foreclosed house. At that rate people are discouraged to attempt such a arduous task. The Governor of Florida, Rick Scott decided to speed up the buying process by passing bill HB(87) in June of 2013. This bill is designed to reduce the time it takes to purchase a foreclosure, shortens the time banks can go after deficient homeowners from five years to one, and reduces the number of court hearings from two to one. It "will put (foreclosed) homes back onto the housing market and allow Florida families who have experienced a foreclosure to begin working to repair their credit and finances," said Governor Rick Scott.
             There are a few non profit organizations that want to educate Jacksonville citizens in how to avoid foreclosure. The City of Jacksonville has a link on their website (COJ.net) that will guide a person to the right organization to help them. Credit counseling and information on short sales and loan modifications are just a few options given. Small steps are being made in the right direction to fix the foreclosure crisis in Jacksonville.


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