The housing bust hangover continues to linger over South Florida. Cumulative home prices are expected to decline between 6 to 8% for the next 7 to 8 months and perhaps bottoming out towards the end of 2011.
A main culprit behind the housing market’s continued struggles involves all of the recent scandals that have plagued our real estate market.
For instance, allegations of robo signing, fraud, documentation errors, issues with process servers, problems servicing loan modifications, and other similar issues, have prompted many lenders to slow down the foreclosure process which in turn has slowed down the housing recovery.
The slow down in the housing recovery ultimately means that the real estate market won’t make a full recovery for at least another year. The reason being is that the slowdown of foreclosures has pushed out the time frame when the real estate market would have gotten through the critical mass of foreclosures that would have led to stabilization. As a result of all these foreclosure related problems, that time frame for a recovery has now been pushed back probably at least another year.
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.
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.
Call us today toll free at 1-866-518-2913 or at 305-263-7700.