Media Covering Up Reality of Foreclosure Surge in South Florida

Have the media and local real estate workers been hiding the ugly reality of foreclosure hell in South Florida?

Both groups have been painting an increasingly rosy picture of the housing market in the South Florida tri-county area but the data seems to tell a very different story.

Of course real estate sales people have much to benefit from making it appear to be more attractive to buy homes here and the media is often unfortunately at the mercy of twisted stats they are given and simply re-publish. However, lulling local homeowners into a false sense of security while the clock runs out for them to get real help from a Florida foreclosure attorney certainly should be considered criminal by any moral standards.

The bottom line is that foreclosures have been surging in Broward County and the County Clerk in Palm Beach has publicly admitted that the county’s foreclosure case load has been swelling with “no signs of slowing down”. In fact, Florida has again been ranked number one in the nation for foreclosures, beating out California, New York and even Nevada for the notorious and un-coveted title.

Any recent reports of shrinkage in inventory, rises in home prices and sales volume has often been twisted and compared with the last couple of years and the pit of one of the greatest crises this country has ever seen and is not truly representative of a truly healthy market.

Floridians should expect to see many more foreclosures to come in the near future too. We are now facing the end of short sale incentives which have helped divert some actual foreclosures and bank repossessions, hiding the real facts. Without these incentives for underwater and struggling homeowners we could see another dramatic spike in property auctions and rising shadow inventory of REOs. On top of this we face a new wave of defaults stemming from shady loan modifications which have set up borrowers to fall back into foreclosure. This will just drag out the crisis longer.

Then of course there is the looming fiscal cliff, which on top of other rising expenses will bring massive tax hits to the middle class, rocketing effective tax rates to as much as 50% of earnings. This is sure to kill any progress many individuals have believed that they have been making at getting back on their feet and making it even harder for them to keep up with housing expenses.

At the same time any promises or talk of more attempts to help homeowners by the government seems to have disappeared and any ‘aid’ for South Florida homeowners from the giant mortgage settlement has pretty much been used up.

Those who have had enough of waiting in vain for things to get better don’t have much time left to act and enjoy the widest variety of options for stopping foreclosure or a graceful exit from the burden of debt they are under. So if you still owe more than your home is worth or foresee trouble keeping up with mortgage payments or association dues now is the time to contact a Florida foreclosure attorney to get help.


July 27, 2013 This post was written by Categories: Uncategorized Comments are off for this post