Low Mortgage Rates Not Spurring Home Buying Activity

Mortgage rates are at all time lows. Thirty year fixed mortgages have interests rates of less than 4%. Interest rates on 15 year mortgages are running around 3 1/2%. Has this spurred activity in the housing market? No!

High Unemployment and Low Wages Keeping Home Buyers Out of the Housing Market

The unemployment rate in the United States is still at 9%. However, most experts state that many unemployed people aren’t reflected in this statistic. These are individuals who have been unemployed for so long they no longer counted or have given up trying to find a job. The recession in the United States is also keeping wages unusually low. With uncertainty concerning jobs and prospects of high wages dimmed, most Americans have a negative view about purchasing a home. They’re concerned the home will be worth less in the future than it is now, so why buy today.

2011 Home Buying Rates Down

2011 will be one of the worst years of the century for the real estate industry. Sales of single family homes continue to be very low.

Refinances Are Up

Although home purchases are down, individuals with good credit who have significant equity in their homes have been utilizing this period of low interest rates to refinance their homes and reduce their mortgage payments. Unfortunately, this is good for those individuals, but in the long run does not have a significant impact on the housing industry.

Foreclosure Defense and Bankruptcy Lawyers

If your home is in foreclosure, the Law Offices of Schlissel DeCorpo can help you and your family stay in your home. We can represent you with regards to the application for a mortgage modification. Should you receive a Summons and Complaint from your bank or financial institution we can submit a formal written Answer on your behalf and appear at foreclosure court conferences for you. Our office uses innovative techniques in keeping homeowners in their homes. Many of the Answers we submit on behalf of homeowners deal with issues concerning defective mortgages, defective foreclosure lawsuits, predatory lending, and other real estate legal defenses.

Foreclosure and Filing Bankruptcy

In some cases filing a Chapter 7 or Chapter 13 bankruptcy is the best way to deal with a foreclosure lawsuit. Our law office has been representing individuals filing bankruptcy for more than 30 years. Filing of a bankruptcy can eliminate second mortgagesstop foreclosures from moving forward and stop all other types of debt collection activity. Call us for a free consultation. At our initial meeting we will discuss all of your foreclosure defense and bankruptcy options. Our office phone numbers are 1-800-344-6431, 516-561- 6645 or 718-350-2802.

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