The Real Deal Miami

Would faster foreclosures help Florida?

September 27, 2011 12:03PM

A number of economists believe speedier foreclosures would help the
national housing market, and particularly in hard-hit Florida, which has
seen the brunt of the nation’s foreclosure crisis. The average
foreclosure takes 676 days to process in Florida, something that is
leading more people to argue for non-judicial foreclosures in the state.
“When I see it taking more than 650 days for a foreclosure to go
through, I think I am in favor of non-judicial foreclosures,” said Sean
Snaith, director of the University of Central Florida’s Institute for
Economic Competitiveness. “Think of everyone not going through a
foreclosure and what’s happening to them as they see their home values
erode. It wears away confidence and wealth.” [Sun