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"There's been a flurry of banks filing for deficiency cases before the clock struck midnight," said Roy Oppenheim, cofounder and senior partner at Oppenheim Law in Weston. "We've seen a dramatic increase in the last several weeks with banks filing, and we've been busy on that score." Oppenheim said his caseload doubled in the months leading up to the deadline with deficiency suits.
Islamist militant gains in Iraq sent world oil prices higher Monday according to CNN. Photo: ReutersRepeatedly, I am asked what my thoughts are about the implications of the situation in Iraq as it relates to the U.S. economy and the real estate market. While I nor anyone has a crystal ball, I do believe that there are certain logical implications that we can extrapolate from the Iraq crisis.
Specifically, it appears with energy prices spiking that there will be an interruption in the supply of oil from Iraq for the foreseeable future. Of course, the oil companies will use any excuse to drive up the price of oil and thus it is logical to anticipate that we will see a spike in gasoline prices shortly.
When oil and gasoline prices rise, a number of things happen beyond the pump.
CNN: Crisis in Middle East Effects US Housing
Those people who are on fixed incomes or have tight economic budgets begin to cut back on certain discretionary items. They may go out to eat less and/or they will make one less trip to the grocery store in order to save a little money. Thus, those real estate markets that are hypersensitive to any adjustment in disposable income such as 80 percent of the residential market will likely be the first markets to have an alteration in the pricing structure due to increased oil prices. Sustained increased prices at the gas pump are effectively a form of anti-inflation. In fact at times when the economy was heating up too much at the beginning of the millennium the government would want oil prices to go up in order to prevent the economy from overheating.
Now, of course, as we are not in a period of inflation anything that harms the economy can cause deflation in the economy. When money is syphoned out of the economy with increased oil prices, there is less money to spend on other items thus reducing demand in some circumstances.
Of course, the high-end part of the real estate market will likely not be affected by any increase in oil prices because it is not as vulnerable to these small calibrations in the economy compared to the wealth that such individuals may possess. So if you are trying to read the tea leaves it is likely that we will see some changes in a downward or sideways movement as it relates to lower income and middle income housing and very little impact on the higher-end markets.
So as the Middle East erupts; U.S. is on the alternative energy front. Naturally, of course, there is always a silver lining in these situations. We live in a global oil market so as oil prices increase the desire to pursue alternative energy whether it is wind, solar, natural gas or even fracking will increase. U.S. output in oil has soared because we’ve adopted new technologies at a fairly good clip since 2008. New technology is valuable to the U.S. economy in the sense that it will allow us to become even more independent of what goes on in the rest of the world.
Here’s the bottom line. We live in a world that runs on oil. War in the Middle-East puts that supply at risk which makes investments scarce. The local South Florida real estate market has weathered lots of storms. Stay tuned as we continue to watch the events halfway around the world affect our real estate market.
From the trenches,
Roy Oppenheim- See more at: http://southfloridalawblog.com/gauging-the-real-estate-markets-reaction-to-isis-crisis/#sthash.qDty0jLh.dpuf
Roy Oppenheim, foreclosure and real estate defense attorney. Legal blogger and founder of the South Florida Law Blog.
Real estate and foreclosure defense attorney Roy Oppenheim passionately defends Florida homeowners and investors from foreclosure, arranging short-sales, loan modifications, mortgage advice, commercial litigation, and business related matters. Roy is also the original creator of the South Florida Law Blog, named the best business and technology blog by the Sun-Sentinel. Share your comments and thoughts on the Oppenheim Law digital media social networks; they’d love to hear from you.- See more at: http://southfloridalawblog.com/gauging-the-real-estate-markets-reaction-to-isis-crisis/#sthash.qDty0jLh.dpuf
We live in a world that runs on oil. War in the Middle-East puts that supply at risk which makes investments scarce. The local South Florida real estate market has weathered lots of storms. Stay tuned as we continue to watch the events halfway around the world affect our real estate market.
As the Florida real estate and general economy are improving, with average sales prices increasing, the number of foreclosures dropping and unemployment also increasing a funny thing happened as we continue through this recovery: re-foreclosures are up. Re-foreclosures you ask? That’s right.
Oppenheim Law agrees that the slow and steady tortoise represents the judicial process.
Back in June of 2012 I wrote a column briefly explaining the difference between judicial and non-judicial foreclosure states and I debunked the myth that a housing recovery could only be had if a state was a non-judicial foreclosure state. I explained that the idea of individuals having to give up their property rights is not a necessary ingredient in a housing recovery.
Today, two years later, my theory still holds true. Florida, one of twenty-two non-judicial foreclosure states, continues to experience a robust rebound. Guess what, we did it while maintaining individual property rights and allowing homeowners to be heard by a detached and independent judicial system and making sure that the banks are playing by the rules.
Yes, it is true that non-judicial states are experiencing a faster recovery. In non-judicial foreclosure states, homes with defaulted loans move into new owners’ possession relatively quickly. Homes are less likely to be tied up in court proceedings and deteriorate due to neglection and ultimately drive down prices of surrounding properties. However, the benefits of having an out pacing recovery do not come without their costs.
Keep Tabs on the Integrity of the Banks:
The race back to 2007 peak home prices is not the only statistic that matters. We must make sure that we get to those levels, and surpass them, in a sustainable fashion. What good is it getting to the top and knowing that you are destine to fall? A key element in assuring such stability is to keep tabs on the integrity of the banks. Banks have obligations to their share holders to realize growth quarter after quarter. As we have seen, banks are willing to fulfill these obligations at the detriment of our society as a whole. If it was not for judicial foreclosure states and their ability to test the integrity of banks, robosigning and other fraudulent acts by banks would have never been discovered.
Quicker is Not Always Better:
Allowing banks to proceed unchecked is an invitation for their deployment of another elaborate scheme to capitalize on tax payers for a quick profit. It’s an invitation to allow them to make up the rules as they go with no oversight. The argument that the non-judicial foreclosure process should be favored just because of its ability to generate a quicker recovery is flawed in that it simply ignores the adverse effects that undoubtedly outweigh the benefits of an out pacing market recovery.
Let’s compare two states hit hard by the crisis. California, a non-judicial state, and Florida, a judicial state. As of today, California is about 22% away from the 2007 peak home prices while Florida is about 33% away from its peak. Would you be willing to sacrifice your ability to maintain the integrity of banks–and in turn–the longevity of our recovery for 11% more appreciation? I certainly wouldn’t. Especially given the fact that I am convinced we are going to get there anyway.
The bottom line is that as a nation, we are experiencing a housing recovery. Here are the 5 Stats You Need To Know About The Housing Recovery
Some states are recovering faster, and some slightly slower. Those states that are recovering slower–perhaps because of judicial proceedings–are nonetheless still recovering but are doing so in a more responsible and fundamentally sustainable manner.
Oppenheim Law’s practice areas include real estate and defending homeowners and investors from foreclosure, arranging short-sales, loan modifications, commercial litigation, and business related matters. Roy is also the creator of the South Florida Law Blog,named the best business and technology blog by the Sun-Sentinel. Connect with Roy on Twitter, Facebook, Google+, LinkedIn and YouTube . – - See more at: http://southfloridalawblog.com/a-boring-prognosticators-prognostication/#more-10109
Roy Oppenheim, keynote speaker at “A View from the Bench" conference with the Daily Business Review (DBR), was able to interact with judges, attorneys and homeowners regarding the state of foreclosure law.To lay out the most important things to remember (feel free to quote, tweet or share)here are the 4 Biggest Takeaways From “A View of the Bench” Regarding Foreclosure Law Matters.
Foreclosure defense attorney Roy Oppenheim held court with Judges and debated about foreclosure law. The state of residential foreclosures prompted lively exchanges at Daily Business Review conference as homeowners win more dismissals, defense attorneys are finding the homes come with a catch — title insurance is virtually impossible to get.
Foreclosure defense attorney Roy Oppenheim to hold court as the keynote speaker with judges and debate foreclosure law from both sides of the bench. Daily Business Review event will take place Friday, Oct. 11, 2013 from 9 a.m. until 12 p.m. at the Broward Center for the Performing Arts.
Founded in 1989 by a husband and wife legal team, Oppenheim Law is uniquely positioned as one of Florida's leading real estate and foreclosure defense law firms in Ft. Lauderdale, Florida serving national, international, and local clients.The Firm is proud to have the highest rating (A-V) conferred by Martindale Hubbell® Law Directory, the most respected directory of lawyers and law firms in the U.S.
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