The South Florida residential real estate market has been hot for so long now that many people are probably expecting the other shoe to drop sooner rather than later. After all, with all of the residential development taking place throughout the local area prices will surely start to stabilize and perhaps decrease as some point, right?
When a South Florida homeowner fails to make a mortgage payment on time, it can be a problem. And when a homeowner is faced with a situation where they are consistently making delinquent payments the problem can be magnified. But the worst case scenario is a foreclosure, and that appears to be the situation for former Miami Dolphins quarterback Daunte Culpepper.
Many experts are saying that the recovery of South Florida's housing market is in full swing. Real estate transactions are taking place at a healthy pace - often in all cash deals - and home values are increasing month after month. But it appears that there is another part of the real estate sector that is also seeing increases: foreclosures.
Many of our South Florida readers are probably familiar with the fact that the federal government "grants" funds to individual states and cities for a million different reasons. For instance, each state gets federal funds for construction and repairs on the nation's interstate system, and those with maritime ports get funds for maintenance as well. However, some of our readers may not have known that Miami Beach gets a direct grant of funds from the federal government each year - not until recently anyways, when it was reported that a failure to keep track of the funds resulted in a penalty.
Buying property can seem like a risky proposition to many South Florida residents, especially when the national housing market is still in a state of flux as the slow but steady recovery continues. For many, the thought of signing a 30-year mortgage can be off-putting, given the economic circumstances in many markets. However, according to a recent report, the recent turnaround in interest rates - for those who don't know, they are rising - has apparently begun to spur many buyers into taking the leap into the market.