Government programs ending, new foreclosures starting, zombie foreclosures coming back to life and Florida’s weak employment base all add up to bad news for Florida’s real estate market for the next few quarters, says Roy Oppenheim in a video interview
WESTON, Fla., July 26, 2011 — Foreclosure is the new “F” word and it’s back with a vengeance as Florida foreclosure defense activity is up and, as a result, Florida real estate prices are expected to go down again, reports Roy Oppenheim, legal blogger and foreclosure defense attorney at Oppenheim Law (see Oppenheim’s recent video interview discussing Florida real estate’s double dip: http://youtube.com/oppenheimroy).
“Florida real estate prices are likely going to decline again starting in the third quarter of 2011 and into the next few quarters of 2012,” says Oppenheim, who also specializes in foreclosure defense workshops and serves as an expert source to real estate media outlets. “Expect a tidal wave of new foreclosures to hit the Florida markets.”
The Florida Real Estate Double Dip culprits:
- Government benefits ending
- New foreclosures beginning
- Zombie foreclosures rising from the dead
- Fraud-closures resurfacing
“There is just not enough economic support to sustain housing prices,” said Oppenheim. “Meager gains of the market will be washed out by the next tidal wave of foreclosures that only a surge in new construction can save us from.”
Oppenheim Law Foreclosure Truths and Consequences
- The only remedy for less government benefits is an increase in hiring. But … the job market is dismal. Employers added only 18,000 jobs last month, with millions still unemployed.
- The situation is even worse in South Florida, with above average unemployment in both Broward and Miami-Dade counties.
Oppenheim Law’s prediction
All of the cuts will result in more Floridians unable to stay in their homes. The more people unable to stay in their homes, the more foreclosures Florida will have.
“The lull in foreclosures, as reported most recently by the media, is merely the eye of the storm,” said Oppenheim.
Oppenheim Law sees a tidal wave of foreclosures about to hit. The Florida real estate foreclosure tides are already starting to rise as noted in the South Florida Law Blog.
About Oppenheim Law
Oppenheim Law is one of the leading Florida real estate and foreclosure defense law firms, founded in 1989. The firm has a 9.6 out of 10 rating from AVVO, the world’s largest legal directory, as well as the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S. Join Oppenheim Law on Facebook athttp://www.facebook.com/oppenheimlaw
Contact: Lisa Buyer, [email protected], 954-354-1411 x14Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!