South Florida real estate and foreclosure defense attorney Roy Oppenheim has been keeping his ear to the ground as the real estate market begins to heat up. In a recent article in U.S.A Today, Oppenheim was quoted as saying that lenders are pushing through foreclosures now because the values are up. Meantime, investors have been fueling the recovery, driving prices higher.
In his most recent “From the Trenches” video, Oppenheim talks about the fact that it’s become a seller’s market. When it comes to short sales, Oppenheim says it’s not unusual to see multiple offers. This is having a trickle down effect on the rest of the economy. Construction is starting to heat up, movers benefit as do realtors, mortgage brokers, real estate attorneys and title companies.
Last week, the U.S. Commerce Department reported applications for new construction rose to a five-year high. Building permits shot up 14 percent, the highest since June 2008. That indicates not only is the economy starting to simmer, but that more potential home buyers are dipping their toes into the real estate market.
However, we are not out of the woods yet, according to Roy, since so-called “rocket dockets” continue to plague those already in foreclosure.
Find out more of what Oppenheim has to say about the housing recovery by watching his video.