Florida foreclosures drop -40% in August

It has been estimated that Florida foreclosure activity dropped by up to 40% in August due to a new Florida  law From June to July, foreclosure volume dropped -70% in Florida. A new law that supposedly speeds up foreclosures is to blame. Lenders must now prove they hold the original promissory note giving them the authority to foreclosure. In the past, banks have been accused of moving ahead with foreclosures without this proof. It is expected foreclosure volume will come back as banks become better equipped to deal with the new legal requirements.