The foreclosure crises is far from over. Market conditions have not improved enough for us to feel confident about the future of real estate.
Miami, Florida (PRWEB) January 05, 2015
Expert panelists at the Business Journal’s 2014 Real Estate Market Review gave an overly positive perspective on the real estate market, even despite the fact that according to the panelists South Florida is in the middle of another bubble that isn’t ready to burst. This artificial escalating of values is what pushed the US into a recession to begin with and yet, it is happening again. This time it isn’t the end users driving up prices, it is funds and investors pushing the prices up. As foreclosure lawyers in Miami, Graham Legal, P.A. is quick to offer a different perspective.
“While everyone is excited about the additional construction in South Florida, it seems they are forgetting that Florida still has over 300,000 open foreclosure cases in state courts,” says Dillon Graham, owner of Graham Legal P.A. “It is hard to read these expert opinions when each day I meet with homeowners who are suffering tremendously and struggling to keep their homes.”
Housing is still not affordable. About 550,000 Florida homeowners with a mortgage are 90 days or more delinquent in payments and are subject to foreclosure, according to Jack McCabe, housing analyst. It is no surprise that Florida continues to top the nation in foreclosures, but it seems developers are quick to dismiss this part of the housing news.
“In my opinion, the foreclosure crises are far from being over. Market conditions have not improved enough for us to feel confident about the future of real estate,” says Dillon Graham. “As interest only loans continue to mature, foreclosures continue to spring up. To that, we add the fact that the Florida median income has declined 12% since 2007 and we don’t have a pretty picture.”
Contrary to the expert panelists of the recent Real Estate Market Review, at Graham Legal, P.A., they aren't sure that real estate lessons were learned or that the future of real estate is all positive. Investors continue to scoop up properties pushing pricing up, all the while the average homebuyer is finding it nearly impossible to obtain a mortgage loan.
About Graham Legal, P.A.:
Graham Legal, P.A. has spent the last seven years protecting the rights of homeowners who have been wronged by mortgage lenders that refuse to provide the borrowers with viable solutions. Now, Graham Legal is - once again - incorporating personal injury cases into their practice.
The law firm exclusively dedicates their law practice to helping people by defending their homes from foreclosure or by helping them to recover damages for a personal injury. Their philosophy is that the rights of individuals deserve to be protected. They fight on behalf of homeowners who have been wronged and individuals who have fallen victim of the negligence of others. For those looking to schedule a complimentary no-obligation consultation please visit the website, http://grahamlegalpa.com.