According to some reports, the amount of foreclosures that are waiting to be dealt with in Florida are at an all-time low since the real estate crisis began some five years ago. At first glance, this appears to be good news. However, a closer look reveals that the threat of foreclosure is still a reality for many Florida homeowners.
Some analysts believe that the new law that seeks to expedite defaults is having a significant impact on the amount of time it takes to process foreclosures. Another significant factor seems to be loan modification agreements that homeowners are able to reach with their lenders. These agreements are allowing the default process to be suspended and families to get back on their feet. Also, real estate values in Florida seem to be climbing, and banks seem to be developing a stronger base to operate.