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Foreclosure Lawyers

New Home Sales

The good news is that the sale of new homes in April of 2011 was up. The bad news is, if new home sales continue at their current pace for the rest of 2011, it will be the worst year for new home sales since records started to be kept more than fifty years ago!

There were 303,000 new home sales in the United States in April of 2011. This was an increase of 3,000 more sales from the 300,000 sales that took place in March of 2011. Overall, economists forecast that there will be 700,000 fewer home sales in the United States this year than will be necessary for the real estate industry to recover.

Demotivated Purchasers

Buyers are not buying new homes. They feel they are too expensive. The high foreclosure rate and the glut of homes already on the market make it more reasonable for a purchaser to buy an existing home instead of a new home. 2011 looks to be the fifth year in a row that showed a decline in new home sales.

The medium price for a new home today is $214,000. This is the same price that it would have cost you to buy that home in 2004. New homes sales in the United States account for approximately a quarter of the real estate market. However, new homes sales have a much greater impact on the overall economy. Every time a new home is built it creates three new jobs. New homes have an impact of more than $90,000 on the local tax rates in their community. When purchasers buy a new home, they also generally buy other items related to their home, such as furniture and appliances.

Home Builders in Trouble

Home contractors have been waiting for years for the economy to improve. They are afraid to build spec houses in a negative economic environment. They don’t want to be stuck with them, as their value continues to erode. Unfortunately, the 1.2 million foreclosures that are anticipated to take place in 2012 will further glut the real estate market and have a continuing long term negative impact on the home building industry in the United States!

Foreclosure

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits, defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferences for the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick, Bellmore

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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