Tom Rooney Files Bill to Quicken Short Sales, Help Florida's Housing Market

U.S. Rep. Tom Rooney introduced a bill Tuesday he hopes will speed up short sales and help Floridas housing market, which is showing strong signs of a comeback.

Short sales come with a notoriously slow-moving process in Florida. The impact of the legislation would be to shorten the approval time, requiring lenders to make a decision within 30 days.

A robust housing market is critical to growing our economy and creating jobs in Florida, said Rooney, a Republican who represents Floridas CD 17. By streamlining short sales, we can help keep homes out of foreclosure, fuel growth in the housing market, and deliver a needed boost to Floridas economy.

Data released last week showed positive signs for Floridas housing market. The median price for an existing single-family home across the state rose 12.4 percent to $145,000 in January, year-over-year, with an 11.7 percent rise in sales. Those prices were helped by a reduction in inventory available. Statewide inventories are down to a 5.6-month supply from an 8.3-month supply a year earlier.

Realtors believe this legislation is important for helping streamline short sales for homeowners most in need," said Dean Asher, president of Florida Realtors. "When a family is absolutely unable to keep their home, approving a reasonable short-sale offer helps homeowners to avoid foreclosure, which is far better for families, neighborhoods and home values.

Nearly 22 percent of all home sales in Florida in 2012 were short sales, according to the National Association of Realtors.