The residents and business owners in Broward County, Florida, remember the boom times of the late 2000s and the catastrophic economic crash that started in late 2008. The crash caused a financial fallout which rippled through all of the Florida economy and, in particular, affected real estate values.
Although Florida has recovered from the Great Recession in many respects, the state’s real estate market has not really recovered fully from 2008, as many buildings are still valued below what they were worth almost a decade ago. In fact, in some zip codes in this state, fewer than 10 percent of the homes have actually rebounded completely to their pre-2008 values.
Florida residents should not take this to mean that there is no hope for the Florida real estate market, as the recent study in question only measured whether real estate values had recovered, not the momentum of the overall economic recovery going on currently.
No Fort Lauderdale homeowner wants to be in a spot in which the value of their property falls and does not recover right away, simply because a home is often the largest investment a person makes in their life. Moreover, declining home values make it more difficult to find or refinance a mortgage, as banks are not enticed to lend money when they think their collateral will go down in value.
Weak real estate markets or, for that matter, markets which are slow to recover do present special challenges for homeowners, and especially for those who may be struggling to make mortgage payments on time. For an owner in such a situation, legal assistance may be available.