Florida courts have begun to speed up their foreclosure processing speed. Currently, the foreclosure backlog in Florida is the smallest its been since the beginning of the housing crisis. However, over 250,000 pending defaults are continuing to clog judicial systems that are being strained across the state.
At the current rate of processing, it is expected that approximately three and a half more years will be required until the Florida foreclosure processing system has been completely cleared. Some analysts claim that the increase in processing speed is due to the passing of a fast tracking law, which was aimed at expediting home defaults. Now, with home valuations rising, mortgage banks are trying to hustle delinquent home loans through the system and clear them from their accounts as quickly as possible, so they can profit from recovering real estate market conditions.