I thank Brad for reading my post. I sometimes think that no one hears me.
Lee County courts need to hire about 3 more people, so we can get through the 22,000 foreclosures that are still out there. The few judges hired a a few months ago are really speeding things up, and I’ve seen a record flurry of cases getting out of foreclosure thanks to the retired judges coming back. Three judges may cost about $300,000, a small pricetag for market stability.
For the most part, I see banks taking back the deeds and then selling the homes. Newer Gulf access, waterfront homes in Cape Coral are being listed for $300,000, a fraction of their estimated $900,000 price tag a few years ago. The bank puts the house on the market on Friday, and by Monday has multiple offers. The houses I watch have 30+ offers, and the banks take the highest offer…several thousand over the asking price. Carpetbaggers, Canadians, and Europeans are snapping them up. It’s best to have cash, as appraisals are hard to come by. Without an appraisal, you can’t get a mortgage…. Anyway, a German television crew came here to do a documentary/news story on the foreclosures. The crew rode on a “foreclosure tour bus” (yes, capitalism is good & well here). Germans and Brits flock here.
In short, I think the free market can take care of itself. But if there was any help to give to those who are losing their homes, it should be giving them a chance to requalify for a modified loan. The other help is a few more accountants and a few more judges in the high foreclosure rate places.
That being said, the Florida Bar is stepping up to the plate by offering free legal help to distressed homeowners who are facing foreclosure. See www.flabar.org . The attorneys in my state seem to “get it” that the average person needs advice and representation when dealing with institutions.
