Doug Duncan, the chief economist for Fannie Mae, told South Florida real estate executives that 2016 has the potential to be a pretty good year for them. Duncan addressed seminar attendees this month in Fort Lauderdale and forecasted that rising wages being seen in our area could boost Florida housing next year.
According to the Sun-Sentinel, Duncan said wages have grown recently and as a result, consumer spending will also rise, and housing will likely benefit. The slight increase in income along with slightly lower gas prices will help enable prospective homebuyers to save more money towards the purchase of a home. He noted that households have been financially-conservative through the nation’s economic crisis which has set them up for future success.
Duncan, who is responsible for providing all forecasts and analysis on the economy, housing, and mortgage markets for the federal mortgage association, said housing in South Florida and across the state has recovered from the collapse of 2006 through 2011. However, there are analysts who say affordability remains a concern because most of the new construction in the region is tailored to up-scale buyers. Duncan said higher salaries would help mitigate those concerns about middle-income buyers being priced out of the market.
Even though Florida had the nation’s highest foreclosure rate in the first quarter of 2015, Palm Beach and Broward counties continue to see a drop in the number of homes entering foreclosure.
According to RealtyTrac, a real estate information company, new foreclosure cases in Palm Beach County fell by more than half the first quarter of this year from the same time-frame in 2014. Broward experienced a 41 percent drop over the same time comparison. Overall the numbers are getting better in regard to foreclosure data and distressed homes so specialists are optimistic for 2016.
If you or someone you know is seeking legal guidance and representation from an experienced foreclosure attorney in South Florida, please contact Klein Law Group at 561-220-6659 or fill out the contact form on our website at www.kleinattorneys.com. We offer a free 30-minute consultation to discuss your individual case in family law, bankruptcy and real estate. Our offices are located in Boca Raton, West Palm Beach and Fort Lauderdale, Florida.