Summer Home Sales Hit New Lows

The depressed real estate markets in the United States reach a new low in July, 2011. Home sales fell 3.5% during this month. This brought home sales to the lowest point in the last 13 years. Home prices keep falling. This makes it harder and harder for individuals to sell their homes. The reduction in home values has been a driving force in the economic problems in the United States. Consumers who feel the value of their home is going down are disinclined to spend money on every day purchases. There is a negative effect on the economy in the United States when consumers believe their homes are losing value.

Difficulties In Purchasing New Homes

Banks now require larger down payments before a new homeowner can purchase a home. In addition, lending rules have become very stringent. New home buyers also are concerned that the home they purchase will be worth less money in the future. Why buy now if things will only get less expensive in the future, is the motto of many perspective home buyers. So they sit and wait and watch the real estate market continue to decline. The wait and see approach by new home purchasers is causing the inventory of homes on the market to increase. As the inventory of new homes for sale on the real estate market increasing, it creates a downward pressure on the sales price of these homes.

Appraisals Killing Home Sales

When a purchaser decides to buy a home they must apply to the bank for a mortgage. The bank thereafter sends their appraiser out to appraise the home. In recent months these appraisals are coming back with information indicating the homes are worth less than the perspective purchaser is in contract to pay for it. This often kills the real estate deal.

Home Prices Falling By More Than 5% In 2011

Economists have estimated that home prices will decline between now and the end of the year by an additional 5%. This is unfortunate. The ownership of a single family home was the American dream. The dream seems to be turning into a nightmare!

New York Foreclosure Lawyers

Is your home in foreclosure? If so, we can help you. For more than 20 years the Law Office of Elliot Schlissel has been assisting our clients with foreclosure related issues. We can represent you in obtaining a mortgage modification and dealing with mortgage modification programs maintained by financial institutions. Should you be sued in a foreclosure proceeding, we can represent you and appear in court at foreclosure court conferences. We will interpose a written answer on your behalf dealing with all appropriate legal defenses which may include defective foreclosure lawsuits, defective mortgages, predatory lending, violation of federal laws in foreclosure and other real estates related defense theories. In appropriate situations we may recommend the filing of a foreclosure related bankruptcy. The filing of a Chapter 7 or Chapter 13 bankruptcy will stop foreclosure from moving forward. It will also, in some circumstances, eliminate second mortgages. Call us for a free consultation, we will discuss whether filing bankruptcy may be in your interest and all other foreclosure related options. Our phones are monitored 24/7. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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