Home Ownership Hits Lowest Level in a Decade

There is weak demand for purchasing homes in the United States.  At the same time, banks have taken a very conservative approach with regard to giving new mortgages to perspective home owners.  There are also record amounts of homes going into foreclosure in the United States.Currently, 66.9% of the households in the United States own their own home.  This is the lowest percentage of home ownerships in the United States in the last 10 years.

There are currently approximately 19 million homes, or 14.4% of all homes and apartments in the United States, that are unoccupied.  During the past five years, there has been a significant increase in the amount of homes that have remained unoccupied.

Foreclosure Crisis

The foreclosure crisis in the United States has significantly added to the number of homes that are either unoccupied, in foreclosure or have been taken over by the bank.  The real estate market in the United States is based on supply and demand.  There is currently a large supply of homes that people seek to sell or that have been taken over by banks in foreclosure situations.  The demand by individuals to purchase these homes is not in sync with the supply.  This causes a reduction in the prices of houses being sold.

About Our Law Firm

The Law Office of Elliot S. Schlissel is a general practice law firm that has extensive experience in handling foreclosure defense.  In addition to foreclosure defense, our office handles litigation concerning defective foreclosure lawsuits.  We also assist our clients in Chapter 7 and Chapter 13 bankruptcies, as well as preparing and submitting mortgage modifications on their behalf.  Should you have a problem, feel free to contact us.  Our phones are answered 24 hours per day, 7 days per week.  Our phone numbers are 1-800-344-6431, 516-561-6645 or 718-350-2802, or contact us by email.

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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

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