There are still plenty of Fort Lauderdale bank owned homes for sale despite the slowdown in foreclosure filings in May.
For the period from January 1 to June 16, total filings reached 17,655 in Broward County, where Fort Lauderdale is located. This figure was lower than the total during the same 5-month period last year, but still represented a big number for a county like Broward. For all of 2009, a total of 51,670 Broward homes were put into foreclosure.
As state and federal agencies continue to carry out programs to prevent more foreclosures and as public and private organizations create jobs to cut down unemployment in Broward and in other parts of Florida, it is hoped that defaults and bank repossessions continue to slow down.
The number of units that became bank owned homes in Florida rose to almost 11,000 in May, an 18.2-percent jump from 9,259 in April. From January to May, more than 42,000 units entered listings of bank owned homes and a big portion of these were Fort Lauderdale bank owned homes for sale.
With $44.4 million in new federal funding allocated to Broward County, it is hoped that Fort Lauderdale foreclosures will plunge sharply. The money is part of the $418 million given to the state of Florida from the $2.1 billion set aside by the Obama administration for the ten states with the highest rates of foreclosure. Nearby Palm Beach County will get $28.9 million while Miami-Dade will receive $50 million.
Based on statements from Florida Housing Finance officials, the Mortgage Intervention Strategy will be tested in Lee County before it is rolled out in other counties.
Under the program, the priority will be homeowners who have lost their jobs and other borrowers considered the most vulnerable to foreclosure, such as recently divorced or hospitalized borrowers.
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