Florida Economoy Moving In Rig – News Yaps
Finance April 2, 2021 April 6, 2021
There are numerous reports in circulation that Florida’s economy, for the most part, is spiraling forward. However, one of the major facets of the economy is still holding us back: the ever declining home values and foreclosures. There is no doubt that properties in neighborhoods with foreclosures negatively effect the value of non foreclosed homes. Many bigger subdivisions have homeowner’s associations and or other types of neighborhood groups to help prevent some of the properties from being vandalized or appear vacant. Some will service the yard and other noticeable defects on the outside of the property. However, many properties do not have these types of associations and there are a lot of abandoned properties where the grass is overgrown or things need to be pressure washed and maintained.
If the bank forecloses on a property and takes title, the bank now owns the property and is therefore responsible for these costs and expenses. The banks can be fined or assessed by homeowner’s associations for failure to maintain the property. There is a lot of psychology behind how we can increase home values. Many believe if jobs are considered more stable and secure, the American workforce would have more confidence in investing in a home. However, if the workforce does not feel their jobs are safe and secure, they may be hesitant in making such a large investment with such a blurry future. Many people have taken pay reductions or lost jobs altogether and can no longer afford their homes. Many have been forced to file for bankruptcy relief because of the job loss or reduction and it is not something they ever want to go through again and that makes them hesitant to invest. Another theory behind what it will take to revitalize the economy are home values going up and banks having less authority or rights to take someones house from them. The idea is if home values go up and people believe they will be making a smart investment, one which allows the chance of gaining equity again, more people would make more purchases. Then its a ripple effect. If more people buy/build more homes, then contractors and other blue collar workers have jobs which allows them to make more purchases which in turn stimulates the economy.
Florida is one of the most effected states for home values declining. In fact, many reports reflect that Florida is the second hardest hit state behind Nevada. Before the real estate collapse, my guess is Florida was one of the top states for being able to “flip” and have a higher return on a real estate investment. Hopefully we can continue making strides towards restoring Florida’s economy and the housing market. To help you out, you may consider hiring an san diego bankruptcy attorney.
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