Roy Oppenheim in USA Today
Roy Oppenheim talked to USA Today in an article published this week on free falling home prices. It seems the real estate situation in Las Vegas is even worse than South Florida: two out of every three Las Vegas homeowners are upside down on their mortgage.
“I looked at our expenses like a corporation looks at their expenses, and the house was a toxic asset,” says one Vegas homeowner, who fashioned his own bailout with a strategic default.
As of yet, mortgage lenders nationwide have not been aggressive in pursuing deficiency judgments. But Florida foreclosure defense attorney Roy Oppenheim cautions that they still have time, and many will likely sell such cases to debt collection agencies. “I don’t think we’ve seen the end of this yet,” he warns in the USA Today Money section.
Florida foreclosure perks from Fannie Mae
Good news for Florida foreclosure buyers and real estate agents! Fannie Mae offers more incentives (up to 3.5 percent of the final sales price to use toward closing costs) for buyers who purchase a home listed on the company’s HomePath website. In addition, real estate agents who represent the buyer can receive a $1,200 bonus.
Palm Beach County leads state in home foreclosures, but buyers zero in
Paul Owers of the Sun-Sentinel noted Thursday that lenders repossessed 1,133 Palm Beach County homes in May, the highest total in Florida. This is a 56 percent jump from April and 38 percent increase from a year ago, according to RealtyTrac. However, as The Palm Beach Post’s Kimberly Miller reports, South Florida’s real estate inventory is shrinking as the number of homes for sale drops to its lowest number since the economy imploded in 2008.