Is strategic default nearing its peak? Oppenheim Law doesn’t think so.
Pointing to recent positive indicators in the economy and real estate market, today’s Daily Business Review poses this question to foreclosure defense attorney Roy Oppenheim in today’s Economic Outlook.
Signals of stabilization in South Florida real estate include:
- The Florida Association of Realtors reported May data showing year-over-year increases in the median prices of single-family home sales.
- Default Research of Mount Pleasant, Pennsylvania, reported that initial foreclosure filings in Broward, Miami-Dade and Palm Beach counties fell 51 percent in May, compared with April.
A turnaround in home prices could eliminate the incentive to voluntarily enter foreclosure through strategic defaults. “If prices start going up, they wouldn’t be upside-down anymore,” Oppenheim said in the Daily Business Review. “But I don’t see that happening for awhile.”
Check out the entire Daily Business Review article in the Oppenheim Law Newsroom.