#Fangate overshadows weirdest start of the FL. Gov. gubernatorial debate as the 900 pound invisible gorilla in South Florida seeks answers.
While the Florida real estate market is heating up in Florida and particularly South Florida, all eyes are also watching the 2014 Florida gubernatorial election between candidates Charlie Crist (D) and Rick Scott (R) -both parties openly discuss education, unemployment, immigration and the ever-promising $1 billion in tax cuts.
One thing for sure is; no one is speaking about the 900 pound invisible gorilla in this campaign which is the billions of real estate dollars that continue to be locked up from the housing issues dealing with zombie foreclosures.
For the first time since the Governors race began – the South Florida housing issue is finally being addressed; unfortunately, not by either Crist or Scott.
And, last night twitter followers started to go crazy posting viral remarks and making almost famous the hashtag from Hell, #fangate. Some examples
Local South Florida Foreclosure Issues
Local real estate and foreclosure defense attorney Roy Oppenheim (well regarded for opinions that seem to be a favorite amongst South Florida homeowners’ afflicted and/or inflicted by the “Too Big To Fail, Too Big to Jail” banking quagmire) poignantly asks the Fl. Gov. gubernatorial candidates Crist and Scott to address the untapped housing issues mostly involving Miami-Dade, Monroe, Broward, Palm Beach and West Palm Beach areas that could infuse the South Florida economy with billions in economic fuel.
South Florida’s Economy
And, as billions of dollars in untapped Florida resources continue to remain locked-up, one thing is for certain – the 900lb invisible gorilla will flare its’ nostrils until either Crist or Scott soothes the giant.
What is causing this market to remain untapped in precious resources?
Besides #Fangate overshadowing Florida’s key issues, this was the weirdest start of a gubernatorial debate that took place as the 900 pound invisible gorilla in South Florida is seeking answers.
Homes unsuccessfully foreclosed upon by the banks are causing a huge drag on the Florida real estate market. Homeowners cannot resell, transfer title, refinance, or purchase new homes because they are literally trapped.
Oppenheim has concerns regarding the “unlocked real estate resources that can’t be tapped.”
And, with good reason.
2014 Gubernatorial Fla. Elections
In order to move the Florida economy forward the gubernatorial candidates must address the housing issues still looming since the crisis.
Numerous businesses’ in Florida would receive a true boost, as would employment and the entire Florida economy, by a proper addressing of Florida’s housing issues. All areas of business statewide, specifically construction, banking, furniture, sales, insurance companies, real estate lawyers, title companies and surveyors – among others, are (and have been) eagerly awaiting for a candidate to emerge with a plan to triumph over the lingering effects of the crisis and drive Florida forward in 2015.
From The Trenches
founder and editor of the South Florida Law Blog
Real estate and foreclosure defense attorney Roy Oppenheim passionately defends Florida homeowners and investors from foreclosure, arranging short-sales, loan modifications, mortgage advice, commercial litigation, and business related matters. Roy is also the original creator of the South Florida Law Blog, named the best business and technology blog by the Sun-Sentinel. Share your comments and thoughts on the Oppenheim Laws digital media social networks; they’d love to hear from you. –
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The following article was originally written by Samantha Joseph for the Daily Business Review with excerpts from real estate and foreclosure defense attorney Roy Oppenheim.
Florida leads the nation in foreclosures long after the housing crisis, but new data show the pace has dramatically slowed in Broward and Miami-Dade counties, and the numbers even fell in Palm Beach County.
Analysts predicted foreclosures would plunge as the crushing flood of cases worked through an overwhelmed legal system. And a new report from California-based real estate research firm RealtyTrac suggests the courts are whisking through the backlog.
From July to August, total foreclosures filings jumped 54 percent to 2,343 in Broward County. But a closer look shows a year-over-year increase of only 7.7 percent from 2,175 in August 2013. The same was true in Miami-Dade, where a nearly 16 percent spike from July to August brought the tally to 2,838 compared to a 24 percent drop from 3,737 a year before.
The numbers indicate cases are rushing through the legal system each month, and that the rate of default has significantly slowed in the last 12 months.
“The lawsuits that were up in the air are now finally coming to a close,” said Reese Stigliano, senior vice president of Brenner Real Estate Group in Fort Lauderdale. “And people who bought bad loans are now going around cleaning up these loans and settling with the borrowers.”
The picture is clearest in Palm Beach County. Lenders filed 480 new foreclosures cases in August—down 9.9 percent from 533 cases in July and about 17 percent from 578 in August 2013, according to the latest count from the clerk’s office.
New Cases in Palm Beach County
“The number of new cases filed in Palm Beach County has maintained a steady pace for the past year,” said Palm Beach County clerk and controller Sharon Bock. “I think homeowners who are behind on their mortgages are finding other alternatives such as selling their homes to avoid foreclosure.”
Last year it looked like the positive momentum might become sluggish when the federal government removed a major incentive for struggling homeowners. The federal Mortgage Forgiveness Debt Relief Act of 2007 provided a tax benefit for short sales of primary residences, but that reprieve expired Dec. 31.
With less motivation for short sales, analysts expected fewer deals after December, but the latest numbers show homeowners are successfully avoiding new foreclosure suits.
New Legal Challenges with Deficiency Judgements
The questions now are whether new legal challenges will emerge from the breakneck speed of ongoing cases or if lenders will consider new maneuvers to recoup losses before the statute of limitations wipes out those claims.
“We have clients who were foreclosed once, had the case dismissed and are now in foreclosure again,” said Roy D. Oppenheim, co-founder and senior partner at Oppenheim Law in Weston, which represents homeowners. “The lenders still have a mortgage of record, and they’re trying to collect.”
Samantha Joseph can be reached at (954) 468-2614.
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Newly-filed foreclosures jumped 24 percent in Florida last month compared to a year earlier, a spike that marked the first annual increase since early 2013 and led to speculation about whether a long-predicted flood of home repossessions had arrived.
According to a report from the company RealtyTrac, which measures foreclosure filings nationwide, 6,468 Florida homes fell into foreclosure in August, which was a 74 percent increase from the previous month.
- Underwater mortgages fall below 20 percent in Palm Beach County
- Banks catching up on a 2013 state law that requires them to have specific paperwork before filing a foreclosure.
- A faster court system giving lenders more confidence to pursue a foreclosure.
- The sunset of a federal tax break on short sales.
Despite the statewide increase in new filings measured by RealtyTrac, Palm Beach County had just 480 new cases filed last month, a 17 percent decrease from the same time last year, according to the Palm Beach County Clerk’s office.
The rise in new cases kept Florida in the top spot on a nationwide foreclosure ranking, a place it’s held for 11 consecutive months. RealtyTrac analysts and foreclosure defense attorneys had different ideas on what caused the increase in new filings, but agreed it was likely a combination of factors; Continue reading