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Residential real estate market already headed over fiscal cliff -- Yahoo! Homes

News  •  Nov 10, 2012 10:17 EST

Roy Oppenheim’s commentary was originally published on Yahoo! Homes and is being republished on South Florida Law Blog with their permission.

They say there is no rest for the weary, and that seems especially appropriate for our nation’s elected officials.

Election Day may be still be fresh in our rear-view mirror, but in case you have forgotten, the lame duck session of Congress begins Monday.And they will have little time to celebrate or lick their wounds, because the economy is under a very real threat.

The media has dubbed it the “Fiscal Cliff”. This cliff, which is a series of automatic tax increases and spending cuts set to be enacted on December 31st, could drive the economy back into a recession, according to a new Congressional Office Budget report.

Here’s the problem: for people like myself on the front lines of the real estate market, the fiscal cliff is not some imminent threat, it’s already here.

When it is all said and done, DC’s landscape is almost identical to what is was before Tuesday, and the very same problems that were ignored during the election are now staring us right back in the face.

Let’s be real, Thelma and Louise are inches away from driving over the Grand Canyon. That is where we are right now with the housing market. I am not trying to scare anyone, but for those of us on the front lines of the housing crisis, there are some troubling signs.

There have been many cautious signs of improvement in real estate over the last few months, and on paper the housing market is starting to stabilize.

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