Housing Market – Page 10 – Miami Real Estate Attorney Blog

Light at the End of the Tunnel – South Florida’s Foreclosure Crises May be Improving, but Foreclosures Continue to Mount

It appears that the South Florida real estate market may have entered a new phase. According to news reports, banks are repossessing foreclosed homes at a faster rate, but fewer homes are falling into delinquency.

In August, the rate of bank repossessions increased 96.7 percent compared to the same time last year. Meanwhile, foreclosure filings have dropped 52 percent. This means that additional inventory is still going up for sale, which means there is still downward pressure on prices and home values. Moreover, some areas are actually seeing prices rise for the first time in years. Specifically, the Brickell real estate market is seeing slight increases in values currently.

The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws. Contact our law firm today for a free consultation and case evaluation.

This mixture of good and bad news makes it difficult to determine exactly what state the current real estate market is actually in. It could possibly mean that the first stage of the foreclosure crises has reached a peak. Year after year, foreclosure activity across South Florida has declined. Nevertheless, the foreclosure problem is still in the way of any substantial region wide recovery. South Florida is currently experiencing one foreclosure filing for every 111 homes, the fifth highest ratio in the country.

Many experts believe that we are hovering somewhere near the bottom. We only hope that this is true as many don’t expect the overall market to bottom out for another three years.
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Consider Your Options. Contact Us.

For a free consultation with a Miami lawyer familiar with deeds in lieu of foreclosure, contact Alvarez & Barbara, LLP, today. We represent clients in Miami, Homestead, Hialeah, Coral Gables, and throughout South Florida.

Miami Foreclosure News: More People are Falling Behind on their Mortgage Payments as Personal Bankruptcy Filings Increase BASENAME: miami_foreclosure_news_more_pe

The number of people falling behind on their mortgages for the first time is on the rise, according to CNNMoney.com. Additionally, personal bankruptcies are on the rise in Miami Dade County.

Specifically, 3.51% of borrowers were 30 days late in their own payments in the second quarter, up from 3.31% at the end of last year. The shift is a stark reversal from the steady decline in short-term delinquencies during 2009. Moreover, personal bankruptcy filings rose 74%, year over year, to 1,788 cases opened, and 5% over July. Bankruptcy filings are at the highest levels since Congress overhauled the bankruptcy laws in 2005.

These grim statistics serve as a sad reminder of our reeling economy. And the high rate of delinquencies and bankruptcies leave many experts wondering whether a new round of foreclosures is on the horizon.

Alvarez & Barbara, LLP, is a team of experienced and aggressive foreclosure defense attorneys. We use the legal system to help people save their homes — and we can stand up for you.

Many people wait too long before getting legal help. They delay in the hope that they can turn their financial situation around. If you are behind on your mortgage payments or are having trouble making your monthly payments, you need to take action now. The sooner you call us, the quicker we can start working to save your home. Get help today to assert your rights in these difficult times.
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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.

Miami Foreclosure Defense Lawyers Review the Numbers Behind the Foreclosures

Double dip? Some are saying it is a foregone conclusion. Others are saying it won’t happen at all. But this much is certain. The foreclosure crises here in South Florida continues to pick up steam with no end in sight anytime soon.

South Florida has been one of the hardest hit regions in the country with respect to foreclosures. As reported in the South Florida Business Journal, the numbers are rather staggering.

For instance, more than 100,000 properties have been repossessed in the Tri-County area since the real estate market began to collapse in late 2007. That breaks out to an average of 2,300 repossessions a month. Moreover, the 100,000 mark was hit earlier this month, when 317 properties were repossessed in the tri-county area.

To understand these numbers in greater context, lenders have repossessed an average of 75 properties per day since January of 2007. Approximately 40% of all South Florida properties have been repossessed, by the banks, as a result of a foreclosure filing.

And it does not seem to be getting better. Consider a recent USA Today article discussing how 1 in 10 American households with a mortgage was at risk of foreclosure this year. About 9.9% of homeowners had missed at least one mortgage payment as of June 30th.

In a worrisome sign, the number of homeowners starting to experience problems with their mortgage rose after trending downward last year. The number of Americans missing payments and falling into foreclosure has followed the upward trend in unemployment, which has shown no sign of easing anytime soon.
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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.

Florida Real Estate Sales Plummet to Record Lows in July Sparking Concern of a “Double Dip”

Fewer single-family homes were sold in July as compared with July of last year, as reported by the South Florida Business Journal. Specifically, statewide sales of single family homes fell by 14% in July, to 13,589 from 15,762 just a year ago.

According to the USA Today, home sales plunged to record lows as buyer demand eroded after the expiration of a federal homebuyer tax credit. Sales on existing homes tumbled nationally 27.2% in July.

Existing home sales also fell in South Florida, with Fort Lauderdale taking the biggest hit. Fort Lauderdale saw a 21% downturn, with just 720 homes sold in July, compared with 907 sales in July of 2009.

Real estate sales are at the lowest level since the total existing home sales series launched in 1999, and single-family home sales are at the lowest level since May 1995. These numbers are particularly troublesome given that mortgage rates have been at historical lows for some time now.

As we have previously posted, there are many factors that are driving today’s unstable real estate market. But one of the most crucial factors is the continued instability in the job market. Until the economy as a whole improves, our real estate market will remain volatile.

Part of the volatility that is currently being experienced in the real estate market can also be attributed to the expiration of the federal home buyer tax credit. However, the drop in real estate sales – for whatever reason – is still a troublesome sign to our housing recovery.

Another possible explanation for the current volatility in the housing market is that we are beginning to experience a standoff between both buyers and sellers. Many sellers are reluctant to lower their prices. And buyers are hesitating because they think home prices have not bottomed out. This standoff will no doubt fuel further instability in our housing market.
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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.