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Sunday, March 16 2008 @ 08:26 AM Central Daylight Time
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The city of Fort Lauderdale is renowned as a famous spring break and vacation destination, and is famous for having an intricate and wide expanse of canals, earning it the nickname “The Venice Of America”.
However, at present, the city, like most markets in the US, continues to suffer from the downturn in the housing and credit markets. Here’s a look at what the city and state are doing to address the problem.
How The Area Is Addressing Concerns of residents
Fort Lauderdale May Jim Naugle, in addressing the city on the 25th annual anniversary, stressed that the city’s marine industry, the city's largest, continued to grow in 2007 and 2008 as well. While marinas lose out to redevelopment in other communities, he said, the ones in the city continue to hold strong and, in some cases, are expanding. Tourism, which is the city’s the second largest industry, also fared well, according to the mayor.
Occupancy rates in hotels, he notes, were up slightly; and room rates were way up too. Meanwhile, residential real estate took a large drop, Naugle said, as the 'price correction' brought home and condo prices down. Many of this city, and of Broward County’s residents, as well, have applied to take their tax breaks with them to a new home since state voters approved a property tax relief proposal allowing the long-sought ability to transfer savings.
The county Property Appraiser's Office prepared for the influx of hundreds of applicants, and despite the passing of the deadline, the county appraise said that they will continue to accept applications for tax break portability through mid-September, although a $15 late fee and additional paperwork would be required. Many of the residents who filed for the proposal have bought larger homes within their current communities. According to the county appraiser, prospective home buyers had been in a holding pattern waiting to see what happened with the referendum, but they now can move on, and not worry about their taxes shooting up the roof.
Florida To Spend For Foreclosure Counseling
The state of Florida is set to spend $1.3 million worth of federal funding to support counseling to prevent foreclosures. The amount will allow about 50 counseling groups to provide more counseling. According to governor Charlie Crist, the simple step of talking to the lender can aid homeowners who are facing foreclosure.
Crist said that "We know that most homeowners never talk to their mortgage lender, even as they are facing foreclosure,". "By making more counseling and education about foreclosure alternatives available to homeowners, it is our hope that more homeowners will be able to avoid the financial devastation of foreclosure", he further adds. The funding will come from the National Foreclosure Mitigation Counseling Program, which was provided for in Congress' 2008 appropriations bill.
Recent Foreclosure Filing Figures For Florida
According to official figures there were almost 280,000 foreclosure filings in 2007 in Florida, and this figure more than double the number from last 2006. The grant is expected to help about 25,000 homeowners facing foreclosure. Governor Crist recently appointed representatives from the mortgage and banking industries, as well as consumer welfare advocates, to a task force to study the foreclosure issue.
Vanessa Arellano Doctor
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