Florida has been dubbed ground zero for home foreclosures during the recession. The high rate of home foreclosure filings in Florida led to a terrible back log of homes that needed to be dealt with through the legal system. This high amount of vacant homes are finally filing back up, at least in one part of central Florida, and new job opportunities are cited as the reason why.
It has been reported that Universal Orlando Resort has created a plethora of jobs that have helped the economy of the surrounding area. The jump in jobs is estimated to be around 7,000. This has led to a jump in home ownership. The sales of existing homes in the area are up 19 percent and prices are on the rise.
Tourism jobs and medical-related jobs are also reportedly on the rise in the Orlando area. The extra effort to clear backlogged foreclosed homes from the system has also worked and the pending cases in court are down. This effort involved money to hire more judges to clear the backlog.
This economic jump and positive movement in central Florida has come at a great time for investors and first time home buyers. For those who are struggling with the home foreclosure process or are concerned about their ability to pay a mortgage or keep up with bills, this jump in the local economy may help put them on the path toward eventual financial stability. Experienced legal counsel can offer guidance and support to those who face home foreclosure.
Source: telegram.com, “Harry Potter’s magic helps foreclosure glut in Orlando disappear“, Prashant Gopal, April 12, 2015