For the first time in eight months, home prices are rising in most major US cities. The boost can be attributed to the annual wave of spring purchases.
Unfortunately, Miami is not included in this list. As a matter of fact, prices in South Florida have reached their lowest level in four years.
Thirteen of the twenty cities tracked by the Standard & Poor’s/Case-Shiller home-price index saw prices rise. Washington, D.C. saw the sharpest increase in prices. Even though the index covers 20 major US cities, it provides a good idea of what is going on nationally because these 20 metro areas compose about 50 percent of American households.
Right now, it’s too early to say if the price increase is due to a market turnaround or simply the warmer weather. Nevertheless, when adjusting the figures to take into account the seasonal factors, prices rose in most markets that experienced decreasing sales.
The best sign of an improving market would be to see prices to continue rising over the next few months. But let’s not get too hopeful. Its expected that about another 2 million foreclosures could hit the market over the next 2 years. As we’ve discussed, many foreclosures have been delayed due to a review of the foreclosure process by banks and state and federal regulators.
Although we’re hearing some good news, today’s current real estate market, and ongoing foreclosure crises presents all sorts of issues that must be properly navigated.
Often, an attorney is needed to navigate these troubled waters. We currently represent lenders, borrowers, buyers, sellers, and developers. This broad array of experience allows us to effectively take a multi-faceted approach to our clients’ legal issues. No matter what you or your business’s needs may be when it comes to real estate, don’t hesitate to contact Alvarez & Barbara, LLP.
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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.
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.
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.
About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.