What the government shutdown means to real estate
Thu Oct 3, 2013 by Oppenheim Law on Florida Law News
The following is a transcript with Roy Oppenheim, foreclosure real estate defense attorney discussing in this video clip what the government shutdown means to real estate.
The employees not getting paid and furloughed means that people like the guy at the hot dog stand, our dry cleaner or anyone else is going to see how a government shutdown relates to our nation and new homebuyers.
The biggest irony is that homebuyers who are insured by the Federal Housing Administration (FHA) won’t be at work to process new loans. This creates a massive ripple effect through the entire nation.
So it’s not only the hot dog guy we buy a hot dog from but also the federal worker. It’s the realtors, lawyers, appraisers, mortgage brokers and of course everyone involved within the Florida real estate industrial complex.
With the mortgage foreclosure crisis and the Wall Street economic crisis up to the collapse of our economy, the deadlock in Congress will cause more harm than our outside enemies could ever do to us.
Everyone needs to fasten their seat belts because we are in for a hell of a ride. If this continues for any prolonged period of time this will cause another economic recession.
The impact on Florida will not only lead to a recession but something worse.
The two major components in the Florida economy is real estate and the tourism industry. Without Snowbirds coming down for the season and new homeowners qualifying for mortgages, I wonder what’s going to happen to the hot dog guy that won’t be reimbursed by the government once the furlough ends.
At the end of the day we are all “the hot dog guy?”
I urge you to contact your Florida Representative and tell them to stop the shutdown; otherwise, we are headed for another economic recession.
From the Trenches,