Home Prices Decline in Large Cities

Home prices are hitting new lows in many major cities. High foreclosure rates, coupled with high unemployment, stricter lending rules and the public’s fear that real estate prices will continue to decline is causing home prices to go down.

Uneven Recovery for the Housing Market

The cities in United States are facing different problems based on the location of the city and the economic situation in that locality. Cities that are built up with little room for new housing starts, such as in the Metropolitan New York area and the coastal cities in California, are experiencing a smaller rate of decline in home prices. Unfortunately many new homeowners are unable to obtain mortgages. Underwriting requirements to purchase a new home are very strict. It is estimated that housing prices will continue to decline in 2011 and, in many cities, will hit new lows.

The Economy is Improving While the Housing Industry is Still in the Doldrums

There has been progress with regard to the economy improving in the last few months. The stock market has been going up for approximately six months. However, the improvements in the economy have not impacted the housing industry. In 2011, the prospects for the housing industry are dismal. It is estimated there will be less construction of new homes this year than in the two previous years. Cities with high unemployment rates and high foreclosure rates are having the most problems in the real estate sector.

Nevada Housing Prices Crushed

Homes in Las Vegas have lost more than 50% of their value since 2006. Las Vegas has one of the highest unemployment rates in the country. One out of every four home sales in Nevada is either a foreclosure or a short sale.

Foreclosure Prospects in 2011

It is estimated that there will be millions of homes going into foreclosure in 2011.  It is hopeful that the foreclosure crisis will bottom out in the year 2011 and improve in 2012.

New York Foreclosure Defense Lawyers

Our office represents clients throughout the Metropolitan New York area regarding foreclosure defense issues. We litigate these matters on behalf of our clients. We attend foreclosure court conferences and explain to the judges our clients’ problems with mortgage modifications. We provide assistance to our clients regarding mortgage modification applications. We help our clients with mortgage modification programs that failed to meet their needs. We maintain a foreclosure blog. We litigate defective foreclosures, bad faith, defective mortgages and predatory lending issues. We litigate all types of real estate related matters on behalf of our clients. If our analysis indicates bankruptcy is the appropriate way to assist our clients with their financial problems, we file either Chapter 7 or Chapter 13 bankruptcies. We stop foreclosure proceedings from proceeding. Call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431.

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.

Copyright © 2017 By The Law Office Of Elliot Schlissel. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.