Florida legislation is considering lowering taxes to stop the foreclosure massacre.
Florida foreclosure listings are continuing to multiply. As recent as 2000 – 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.
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