The housing market today remains sluggish and continues to encounter many problems and obstacles. They include a weak economy, sluggish hiring, tight mortgage underwriting, falling home prices, and slowing home sales.
But probably the most disastrous factor facing our current housing market is the potentially devastating number of foreclosures that will likely occur over the next few years.
Due in large part to the ongoing foreclosure crises, many analysts are projecting home prices to slide another 8% nationally. Today, homes are cheaper, and while that is fairly good for buyers, the cheaper homes also speak to the growing consensus that our housing market is still far from stabilized. Indeed, home prices continue to fall because sales are not taking off. Without buyers, the market cannot bottom out.
Of course, nobody is buying homes when they can’t find a job. And still more people cannot hang on to their homes because they’re out of work. The continuing economic woes will also likely result in nearly 1,000,000 homes being repossessed this year.
On the bright side, many foreign buyers have continued to purchase properties in some of the hardest hit areas such as right here in South Florida. But if the “robo signing” problems continue, those investors may flee the market. And if they do, that will continue to foil the housing recovery in Florida, and nationally.
The current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated by a struggling homeowner. 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.
Consider Your Options. Contact Us Today.
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 toll free at 1-866-518-2913 or at 305-263-7700.