Florida Double Dip? Foreclosures, Zombie Foreclosures, Fraud-closures
By Oppenheim Law on Deficiency Judgments, Foreclosure, Real Estate & Roy Oppenheim
Hi, this is foreclosure defense attorney and legal blogger Roy Oppenheim From The Trenches. Not to be the bearer of bad news, and we don’t want you to shoot the messenger, but, we do wanna share with you that, in all likelihood, we do anticipate that Florida real estate prices are likely going to decline again starting in this third quarter of 2011 and probably a little bit into 2012. What we’re seeing are a number of factors coming together.
First of all, we’re seeing a number of government programs are coming to an end. Specifically, unemployment benefits are coming to an end as well as the reduction in payroll tax with benefit that the people have enjoyed are also gonna be coming to an end at the end of this year. That on top of increased resurgence of new foreclosures, the banks are bringing again, now that they have supposedly gotten their act together, have hired new law firms to bring the foreclosures, and that supposedly they’ve gotten their robo-signing fraudclosure crisis under control. They’re bringing those foreclosures back, as well as what are called “Zombie Foreclosures.” Those are foreclosures that were dismissed by the courts because there were just too many irregularities in the documentation and paperwork. Those foreclosures are being brought back, also.
So, between Zombie Foreclosures, the new foreclosures, and the end of government benefits, and without seeing a resurgence of a strong employment base in Florida, we are anticipating that there will not be enough economic support to sustain housing prices, unless we do anticipate further erosion in prices in Florida in the next two to three quarters.
Roy Oppenheim From The Trenches. Have a good weekend.