St. Lucie County: Florida Foreclosures Poster Child

St. Lucie County: Florida Foreclosures Poster Child

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The effect of Florida foreclosures on St. Lucie County is likened to the damage usually brought by a hurricane.

That is why Doug Coward, commissioner of St. Lucie County, has proposed declaring the county as Florida foreclosures disaster area to give local governments access to the estimated $17.5 million funds reserved for counties to help them recover from natural disasters.

Coward explained that the foreclosure crisis, despite it being a manmade disaster, is a contributor of the economic crisis that has been hounding the country for a long time now. He added that Florida foreclosures could not be resolved without the help of the national government.

He likened the Florida foreclosures declaration to a mini-economic stimulus plan that would provide a way for local government officials to avail of the national funds which could be used to boost construction projects and ease biding requirements to allow local contractors to get the jobs.

Boosting the local economy would also improve the capacity of homeowners to pay their mortgage loans that may lead to reducing the number of foreclosed homes in St. Lucie County.

St. Lucie Countys foreclosure rate reached 10,000 in 2008, reflecting a significant increase from 4,165 figures the previous year. Unemployment rate in the county increased by 10.5 percent in 2008, more than double the job loss figures in 2005.

The extent of Florida foreclosures could be seen extensively in the city of Port St. Lucie where evidence of the foreclosure crisis is reflected in thousands of empty or unfinished houses, numerous foreclosure and for-sale signs and abandoned and neglected backyards.

Coward plans to put his Florida foreclosures disaster declaration proposal to a vote by the commission. He believed that the laws covering emergency fund apply to both manmade and natural disasters.

However, not all are behind Cowards Florida foreclosures disaster declaration plan. Some politicians are concerned that the declaration could drive away investors and drag down the credit rating of St. Lucie County which would make borrowing even more expensive.

Patricia Chistensen, mayor of Port St. Lucie, warned that putting the disaster label on St. Lucie County could have a detrimental effect. She pointed out that after the proposal has been made public, Port St. Lucies bond issuer in New York called to ask whether the city was on the edge of ruin.

Christensen noted that home prices are still down but improvements in the housing market is starting to sprout.

About the Author:
Joseph Smith has been educating buyers on the finer points of Florida Foreclosures purchase at BankForeclosuresSale.com for over four years. Click here to visit and read more advice on finding Foreclosure Homes.



Article Originally Published On: http://www.articlesnatch.com


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