Fort Myers, Cape Coral and Lehigh Real Estate: Where Are We Going?
I live in Southwest Florida. I represent people who live in Fort Myers, Lehigh Acres, Cape Coral, Naples, Port Charlotte and Sarasota in Bankruptcy and Foreclosure Defense. Today I read an article that made me sick. The article stated that nearly 1 out of 4 homeowners were under water on their homes. In October of 2008, I wrote a blog for our bankruptcy blog entitled: How many Southwest Florida Residents' Homes are Underwater?
Additionally, I wrote for the Mortgage Law Network about how many homeowners were underwater nationwide.
Now, there is another worry. It is being predicted that over 30% of United States homes will be underwater by the middle of 2010. The reason is the constant flow of foreclosures and the horrible job market.
So, what does a person do? First, while an investment in real estate may seem like a good deal. I'm not so sure that it is the best time to buy???? Another six months may change your mind. Likewise, with so many more houses going underwater and the ever-flowing number of foreclosures, more houses are going to be up for short sales.
Deutsche Bank is predicting that almost one half of U.S. homes will be upside down before the end of the housing crisis. If that is true, then we are only at the half way point. Obviously, this information does not jib with the recent flurry of information about the U.S. turning the corner on the recession. In other words, someone is not telling the truth.
I will continue to monitor the situation.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog. Mr. Dellutri also writes for the firm's bankruptcy blog.
