Archives for September 2012

Long Island Home Prices Down, National Home Prices Up

There has been a small recovery across the country concerning home prices. Unfortunately, this recovery has not impacted home prices in Nassau and Suffolk counties on Long Island. During a 12 month period from July 2011, through July 2012, pursuant to CORE LOGIC, a real estate data provider, home prices in the United States have risen 3.8%. It is the largest year over year increase in the last six years.

Home Prices Decrease On Long Island

Home prices on Long Island have decreased. During the same period from July 2011 through 2012, prices of Long Island homes have decreased by an average of .06%. The large number of homes in foreclosure and homes being sold in short sales contributed to the decline in home prices in Long Island.

During the housing bubble, Long Island experienced a greater increase than the national average in the value of homes. When the housing bubble burst, home prices on a national basis fell about 33 1/3% while home prices fell in Nassau and Suffolk counties by 35%.

The ownership of a single family home has been the bedrock of the American dream for decades.  Single family homes have become a depreciating asset.  This has to change!

Home Prices On Long Island Should Increase In The Spring Of 2013

It is forecasted that home prices in Long Island will start to rise in the spring of 2013. On a national basis home prices in the United States are currently valued at 27% below their peak, which was in April of 2006. Hopefully for Long Island, and the rest of the country, the economy will improve which will bring about appreciation of home values.

Seniors Facing Foreclosure

Senior citizens today are facing foreclosure in greater numbers than ever before.  Older Americans once looked forward to quiet, secure retirements. This is no longer the case.  Senior citizens were considered, at one time, the most financially secure age group.  This is no longer true.  In a study conducted by the American Association of Retired Persons (AARP), it was found that the current foreclosure crisis is having a significant impact on Americans of retirement age.

75 Year Old Facing Foreclosure

The foreclosure rate between 2007 and 2011 increased eight-fold for Americans 75 years and older.  The AARP report stated that “despite the perception that older Americans are more housing-secure than younger people, millions of older Americans are carrying more mortgage debt than ever before, and more than three million are at risk of losing their homes.”  The report went on to state “as the mortgage crisis continues millions of older Americans are struggling to maintain their financial security.” 

Fading Financial Security

The financial crisis in the United States is impacting upon seniors.  Shrinking stock portfolios, depleted pensions and increasing medical costs coupled with the depreciation of real estate in the United States has had a significant impact on the lifestyle of senior Americans.

Sell The Home!?

Seniors are being faced more and more with the challenge of selling their homes in a declining real estate market.  Most seniors presumed they would die in their homes.  Unfortunately this is no longer the case in America!

About the Author

Elliot S. Schissel, Esq. is an attorney with extensive experience in representing seniors regarding Elder Law matters in the metropolitan New York area.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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