by: Christine Zafra

South Florida is having a crisis: the prices of houses are dropping and a lot of homes are being foreclosed by banks due to non-payment of mortgage. Many families have already suffered and will continuously suffer if this trend will persist. And if foreclosed houses are aggregated, the real estate market value of South Florida will soon find itself in great jeopardy.

The Congress however, has an idea: to deduct a $7,000.00 tax credit for those who will buy properties that are foreclosed. Although they weren’t really able to target the cause of the problem (existing foreclosures), they hoped that through this measure, a lot of prospective buyers will be encourage to acquire foreclosed properties.

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