South Florida Law Blog’s Roy Oppenheim says we’re not out of the woods yet! A second wave of Florida foreclosures will hit in the third quarter of this year, Florida Double Dip? Foreclosures, Zombie Foreclosures, Fraud-closures from Oppenheim Law on Vimeo.
Oppenheim Law Predictions:
- Government programs such as unemployment benefits as well as the reduction in payroll tax benefits are coming to an end.
- Florida banks have supposedly gotten their “fraud-closure” crisis and issues of robo-signing under control and are going to submit many new foreclosures.
- If that wasn’t enough, foreclosures that were initially dismissed by the courts due to incomplete and inaccurate paperwork are now being “revived” and will also contribute to the tidal wave of foreclosures.
- Sustaining housing prices will be difficult with the ending of government programs, new foreclosures hitting, and “Zombie” foreclosures coming in because there simply isn’t enough economic support.
Unless there is a surge in Florida employment, Oppenheim predicts we are heading towards another drop in Florida real estate values until early 2012.