Posts Tagged ‘residential real estate market’

Two-Faced Freddie Mac, The Fiscal Cliff and the Obamacare Real Estate Tax, 2012’s Top Headlines Continued

Friday, December 28th, 2012

Happy New Year

Continuing our recap of our most popular blogs from 2012…

#5 — Robosigning Settlement Proves Sky Was Falling! Chicken Little Was Right!

Yesterday’s robosigning settlement that all but one state ultimately signed off on, was far from perfect.

Let’s make that perfectly clear.

Depending on what you have read, you might be outraged, you might be relieved, you might be overjoyed. And the target of your wrath or sympathy might depend on your own personal perspective.

But make no mistake about it, yesterday was a day of reckoning, for me, and much more importantly, for the people I represent.

Read the full post here.

#4 — What I Tell Clients Who Receive A Foreclosure Notice

As a real estate attorney, I’ve had plenty of prospective clients come to my office after being served with a foreclosure notice. It is safe to say they are usually not in a good mood; they are usually scared.

And the truth is I would be too.Foreclosure can be a scary process for even the most legally astute homeowner.

When a homeowner walks into my office for that first time, there is one question that comes up almost every time. It’s a basic yet very essential question to anyone under the threat of foreclosure…

What do I do next?

Read the full post here.

#3 — Freddie Mac — Playing Two-Face to the American Homeowner?

Aaron Eckhart might have played Two-Face in the last Batman movie, but Freddie Mac seems to have settled into the role these days.

Non-profit ProPublica and National Public Radio allege that Freddie Mac, which was set up to make home loans more accessible, was in fact betting against homeowners.
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Residential Real Estate Market Already Headed Over Fiscal Cliff

Saturday, November 10th, 2012

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

Thelma and Louise Going Over The CliffThey say there is no rest for the weary, and that seems especially appropriate for our nation’s elected officials.

Election Day may be still be fresh in our rear-view mirror, but in case you have forgotten, the lame duck session of Congress begins Monday. And they will have little time to celebrate or lick their wounds, because the economy is under a very real threat.

The media has dubbed it the “Fiscal Cliff”. This cliff, which is a series of automatic tax increases and spending cuts set to be enacted on December 31st, could drive the economy back into a recession, according to a new Congressional Office Budget report.

Here’s the problem: for people like myself on the front lines of the real estate market, the fiscal cliff is not some imminent threat, it’s already here.

When it is all said and done, DC’s landscape is almost identical to what is was before Tuesday, and the very same problems that were ignored during the election are now staring us right back in the face.

Let’s be real, Thelma and Louise are inches away from driving over the Grand Canyon. That is where we are right now with the housing market. I am not trying to scare anyone, but for those of us on the front lines of the housing crisis, there are some troubling signs.

There have been many cautious signs of improvement in real estate over the last few months, and on paper the housing market is starting to stabilize.
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How Will the Libor Scandal Impact Main Street?

Monday, July 30th, 2012

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

Corner of Housing Avenue and Market StreetThe residential real estate market is beginning to show real signs of life.

Home values have posted their first annual increase in nearly five years, acccording to the latest Zillow index, which is a well-respected year-over-year analysis of the sale of similar homes in the same area.

So we may be getting closer to a healthier housing market for the first time since the bubble burst in 2008.

But then the Libor scandal came along and threw a gigantic wrench in the works.

On the surface, Libor might appear to solely be a Wall Street problem.

There is no easy target for the populace to vilify, as there is with the HSBC money laundering investigation. And the damage done by the banks’ apparent attempts to subjugate Libor to their own benefit, at first glance, might appear to be limited to the banks themselves.

Perhaps that is why outrage over Libor hasn’t yet reached critical mass. But make no mistake; the impact of the scandal could be larger than any of the banking scandals that have come before it.

This is very much a Main Street issue. As the investigation continues, we may learn how homeowners were burdened with distorted mortgage rates.

What is Libor?

Libor stands for London Interbank Offered Rate. Simply put, Libor is the rate banks use to charge each other money.

The banks help set it, and it’s basically the starting point for lending rates, including a large percentage of mortgage interest rates here in the United States.
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