3 things homeowners didn't ask Santa for but might be getting anyway
Mon Dec 21, 2015 by Oppenheim Law on Florida Law News
The following article was originally published in the Sun Sentinel with excerpts by Roy Oppenheim.
Naughty or Nice: Three Things Homeowners didn’t ask Santa for this Year but might be getting anyway!
- Rising interest rates
- Strong US Dollar
- Devaluation of foreign currencies
While foreclosures have waned, South Florida real estate lawyer Roy Oppenheim predicts the housing recovery will slow in the coming months.
He said demand and prices will soften due to a mix of rising interest rates, a strong dollar and a devaluation in foreign currencies. That could lead to more foreclosures.
“I’m expecting a correction, but not anything like 2007 or 2008,” Oppenheim said.
Full article written by Paul Owers Contact Reporter Sun Sentinel with excerpts from Roy Oppenheim.
New foreclosure cases down 53%in South Florida
New foreclosure cases fell sharply across South Florida in November, though the number of homes repossessed by banks increased as courts clear dockets of bad mortgages originated during the housing bust.
Palm Beach, Broward and Miami-Dade counties totaled 831 foreclosure filings last month, a 53 percent drop from November 2014, according to the RealtyTrac listing firm. It was the fewest number of starts for the tri-county region since RealtyTrac began counting in January 2006.
The foreclosure meltdown started in 2006, when the housing boom ended and price declines became the norm. Buyers who paid too much for their homes lost jobs and couldn’t refinance out of burdensome mortgages.
Prices eventually hit bottom in 2012, and the housing climate has improved dramatically since then.
Many of the mortgages that went into foreclosure during the housing bust have lingered for years, but courts now are getting better at eliminating the backlogs, industry observers say. The three counties had 1,845 repossessions last month, a 45 percent increase from a year earlier.
The vast majority of existing foreclosure cases are what Blomquist calls “bubble loans” — those taken out from 2004 to 2008.
Over the past few years, Florida regularly had the nation’s highest foreclosure rate, but the Sunshine State saw a 36 percent decline in new cases last month. Florida had the third-highest foreclosure rate in November at one in every 662 units. Maryland and New Jersey had the two highest rates.
The South Florida metro area ranked 12th nationwide, with one in every 645 homes in some stage of foreclosure.
RealtyTrac monitors public records for new filings, scheduled auctions and bank repossessions.
While foreclosures have waned, South Florida real estate lawyer Roy Oppenheim predicts the housing recovery will slow in the coming months.
He said demand and prices will soften due to a mix of rising interest rates, a strong dollar and a devaluation in foreign currencies. That could lead to more foreclosures.
Sun SentinelPeowers@sunsentinel.com, 561-243-6529 or Twitter @paulowers
