Now that the holidays are over, the temporary freeze on foreclosures is over as well. Industry experts expect thousands of foreclosed properties to enter the market in the coming weeks and months. The slowdown at the end of last year was mostly due to regular holiday foreclosure freezes and the robo-signing scandal. However, those events are behind us now. Accordingly, the pace of foreclosures is about to pick up.
Many are predicting a record first quarter for 2011. They expect lenders to repossess about 100,000 homes. The expected record is attributed to the usual seasonal uptick in the first quarter coupled with the necessary acceleration required because of the delays caused by the robo-signing scandal.
The National Association of Realtors says it is not surprised by reports documenting the expected up-tick in foreclosures. Its believed that lenders are not going to dump repossessed parties all at once. They expect the process to be gradual. However, uncertainty lies on whether the already weak market will be able to handle the newly-unloaded housing inventory.
What would help the real estate market? Basically, an improved economy and job creation. These factors would increase housing demand and swallow the shadow inventory that is soon to hit the market. However, most economists believe that unemployment will remain near 9 percent throughout 2011. Plus, those who feel insecure in their employment or are unemployed are not going to buy a home. Also, considering how lenders have tightened their credit standards, its possible that even those with good credit scores may be unable to secure a loan.
Today’s current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. There are many factors contributing to Florida’s nation leading delinquency rates. They include a weak job market, weak economic recovery, and a major drop in home prices. Consequently, Florida’s housing market remains unsettled in large part due to the continued foreclosure crises.
Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.
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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.
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