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Home Builders Assessment of Real Estate Industry is Full of Gloom

September 23, 2011 by

The real estate industry in the United States is doing poorly. Home builders are pessimistic with regard to the housing market in the United States. The National Association of Home Builders has recently put out an announcement that the sentiment among home builders in August of 2011 is extremely negative.

In 2011, the number of new homes built in the United States fell to its lowest level since records were maintained. Home builders cannot compete with the glut of foreclosed homes on the real estate market. It is less expensive to buy a home that was taken over by a bank in foreclosure than to build a new home. Homeowners who want to sell their existing homes and buy a new home cannot find buyers for their existing homes.

Although the sale of newly built homes is a very small portion of the real estate market, it has an significant impact in the economy in local areas. Three jobs are created for each new home being built for a period of one year. In addition, each new home built generates approximately $100,000 in real estate taxes.

Dave Crowe, an economist working with the National Association of Home Builders stated that the weakening of the U.S. economy, coupled with the high unemployment, is having a devastating effect on the marketplace for new home purchasers. The record low interest rates have not been enough to simulate the market place for the building of new homes.

Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferencesfor our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 andChapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: , , , , , , , , , , , , , , , , ,

Unemployed Americans Obtain One Year Waiver on Payment of Mortgages

August 15, 2011 by

Individuals with FHA (Federal Housing Authority) loans must now allow qualified borrowers who have lost their jobs to miss up to one years worth of mortgage payments prior to bringing a foreclosure proceeding against them. There’s currently a three to four month forbearance period for unemployed individuals. Unfortunately, most men and women who lose their jobs stay out of work for much longer than three or four months.

Secretary of Housing, Shaun Donovan, stated that “providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home.” The Obama Administration seeks to remove hurdles for individuals to qualify for this program. Financial institutions who deny the one year forbearance to unemployed individuals must allow the mortgagors seven calendar days to provide further information that may change the servicer’s mind concerning this issue. All FHA service providers must cooperate with this new mortgage forbearance program. This new initiative by the Obama Administration is welcomed by both men and women who are out of work and the real estate industry in general. The huge number of homes being foreclosed upon is depressing the real estate market.

Foreclosure Defense

Foreclosure is a nasty term. Foreclosure notices are depressing. There’s a tendency when your financial troubles are out of control to try to avoid these problems. This is a wrong way of dealing with this problem. Come to us, we can help you! 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.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: , , , , , , , , , , , , , , ,

Foreclosure and Unemployment

July 29, 2011 by

Recent news reports have indicated that it will take approximately 24 months for the New York City and Long Island area to recover from the current high levels of unemployment. It is estimated that the metropolitan New York are will not return to it’s pre – recession levels of employment until April of 2013. Metropolitan New York is doing better at recovering from the recession then other parts of the country. It is estimated that the majority of the country will take 3 years to reduce the unemployment rates to pre – recession levels.

New York Real Estate

Although property values have not recovered from the real estate crisis, in the State of New York, real estate experts are proclaiming that we are doing better than California, Arizona and the majority of the sun belt. Although the pundits are claiming things will get better, I don’t see this happening. Foreclosure rates in the Metropolitan New York area continue to climb. Banks are refusing to provide feasible mortgage modifications to homeowners. Unemployment rates are remaining steady or climbing. The business areas in local communities have been devastated. There are empty stores everywhere.

2012 is an election year. President Obama is going to have to take further action to simulate our economy and revitalize our housing markets if he wants to get re – elected.

Litigating Foreclosures In New York State Courts and In Federal Courts

There are two different routes to dealing with homes that are in foreclosure. The cases can be defended in the New York State Courts. Defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses can be submitted in a response to the service of the summons and complaint in a foreclosure proceeding. Mortgage modification applications can also be submitted to the financial institutions.

Filing Bankruptcy to Stop Foreclosure

The second route is filing foreclosure related bankruptcies. Both Chapter 7 and Chapter 13 bankruptcies will stop foreclosures from moving forward. The filing of bankruptcies will also eliminate unsecured debts, stop debt collection, harassment and in some cases, eliminate second mortgage liens. Call us for a consultation and we will discuss why filing bankruptcy may be in your interest, the types of bankruptcy available to you and how to re-establish credit after filing bankruptcy.

Filed Under: Bankruptcy, Foreclosure Tagged With: , , , , , , , , , , , , , , , , , , ,

Underwater Mortgages Keep Rising

April 1, 2011 by

The high level of unemployment in the United States, coupled with the increasing foreclosure rate, is leading to a reduction in the value of homes. The percentage of Americans who owe more on their mortgages than the value of their homes continues to rise. This is causing more and more homes to be underwater. “Underwater” refers to a home having a greater mortgage indebtedness on it then its actual value.

There are 11 million families, which represent 23% of all foreclosures in the United States, that have mortgages that were underwater during the last quarter of 2010. That was an increase from the previous quarter, in which 22.5% of the homes in foreclosure in the United States were underwater. This is the third quarter in a row where the number of homes underwater have increased.

Underwater Mortgages Leave Homeowners with Few Options

When the mortgage on a home is underwater, a homeowner has few options. The homeowner won’t be able to qualify for mortgage refinancing. They simply must continue making the payments on their property and hope that it will eventually start appreciating in value and be worth more than the indebtedness on it.

Experts expect that home prices will continue to fall throughout the 2011 calendar year. The greater the percentage of homes in a given area that are underwater, the more significant impact they have on the valuation of homes in general for that area. As homes in a locality fall into the category of being underwater, they tend to bring down the values of the neighboring homes too.

Purchasing a Home in Today’s Market

To obtain a conventional mortgage, most financial institutions require the perspective homeowner to put down 20% of the purchase price of the home. In today’s economic situation in the United States, with falling salaries, high unemployment and high foreclosure rates, few perspective homeowners fall into this category. The down payment requirements for prospective new home buyers is having a negative effect on the housing market. President Obama’s administration seeks to have all perspective homeowners provide a minimum of a 10% down payment before they can obtain a conventional mortgage that is guaranteed by either Fannie Mae or Freddie Mac.

The amount of negative equity in the United States in the last quarter of 2010 increased from $744 billion nationwide to $751 billion nationwide. This is a major step in the wrong direction! Families, at one time, measured their wealth by the equity in their home. Today, home ownership means you have an asset that is decreasing in value!

Foreclosure Defense Attorneys on Long Island

The Law Offices of Schlissel DeCorpo handles foreclosure defense litigation. We submit detailed answers to summonses and complaints filed by financial institutions. We litigate defective foreclosure lawsuits, predatory lending, defective mortgages and bad faith by financial institutions. Our office in experienced in handling real estate litigation. If a case is in litigation, our attorneys will attend foreclosure court conferences on behalf of our clients. We also maintain a foreclosure blog that contains articles concerning foreclosures, mortgage modification issues and other issues effecting homeowners. We also file Chapter 7 and Chapter 13 bankruptcies which stop foreclosures and can have an impact on eliminating second mortgages. We can also assist our clients in re- establishing credit.

Feel free to call us if you are having difficulties with your financial institution, paying your mortgage or in dealing with a foreclosure issue.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , ,

Cities With High Foreclosure Rates

March 28, 2011 by

Cities With High Foreclosure RatesLas Vegas, Nevada and Phoenix, Arizona are running neck and neck for the title of having the highest foreclosure rates in the United States of America. Although it has been widely written about these two cities enormous foreclosure rates, there are numerous other small cities in America that have similar problems.

Albuquerque, New Mexico

Albuquerque is a city of approximately 500,000 people. They have a foreclosure rate of one in every forty-six homes. During 2010, their foreclosure rate increased by over 60%. Albuquerque was one of the fastest growing metropolitan areas in the continental United States. It has a warm climate and, for many years, it had a very favorable job market. Albuquerque has been devastated in recent years due to the falling economy.

Albuquerque is suffering from a high unemployment rate. More than 13% of all of construction jobs were lost in Albuquerque during 2010, pursuant to the Associated General Contractors of America. High lay-offs in the construction industry contributed to Albuquerque having a high foreclosure rate.

Savanna, Georgia

Savanna is a beautiful city. It is known for its beautiful old south architecture. The city has a population of approximately 350,000 people. Unfortunately, one in every forty homes is in foreclosure. This amounts to a home being in foreclosure on every three blocks in the city of Savanna. In 2010, Savanna’s foreclosure rate increased by 37%. Some homes in Savanna are now selling for less then $50,000. The cost of the raw materials to build these homes would be more then double this amount!

Tulsa, Oklahoma

Tulsa has a population of about a million people. One out of every fifty homes in Tulsa is in foreclosure. This amounted to a 37% increase during the 2010 calendar year. Although the unemployment rate in Tulsa has been below the national average for the past few years, the foreclosure rate has been increasingly high. Job losses in Tulsa increased by 38% in 2010.

Myrtle Beach, South Carolina

Myrtle Beach, South Carolina, is dependent on vacation home buyers. It is a vacation destination for the majority of the families who spend time there. In 2009, the unemployment rate was over 12% for this city. The unemployment rate dipped to 11.8% in 2010.

During 2010, there was an increase of approximately 45% in the amount of homes going into foreclosure. This is a small increase compared with the increase of 446% for foreclosures in 2009. The huge foreclosure increases in 2009 and 2010 is indicative of the fact that Myrtle Beach is a tourism dependent community. When Americans have financial difficulties, they have less discretionary funds to spend on vacation homes and tourism.

Foreclosure rates throughout the United States are causing pain in many communities. This will delay the economic recovery in the United States.

Stop Foreclosure In Its Tracks

There are legal defenses to foreclosure lawsuits. We litigate foreclosure lawsuits. We assist our clients with mortgage modifications. We attend foreclosure court conferences on behalf of our clients. We litigate defective mortgages, predatory lending issues and defective foreclosure lawsuits. We advise our clients as to whether Chapter 7 or Chapter 13 bankruptcies are the appropriate means to deal with their financial situations.

Read our foreclosure blog. It will help you understand the nature of the foreclosure crisis in the United States and the fact that there are things that can be done to keep you and your family in your home. Feel free to call our foreclosure defense and real estate attorneys at 516-561-6645, 1-800-344-6431 and 718-350-2802 for a free consultation. Call us now, our phones are answered 24/7.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , , , , , , , , ,

Home Prices Decline in Large Cities

March 16, 2011 by

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.

Home Prices Decline In Large CitiesUneven 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.

Home Prices Decline In Large Cities-2New 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.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , ,

2010, a Terrible Year for Home Sales

February 14, 2011 by

Posted on February 14th by Elliot S. Schlissel, Esq.

2010 was the worst year for home sales in the United States since 1997. The National Association of Realtors stated that home sales dropped by 4.8% to 4.91 million homes sold in the year 2010. This is the smallest amount of home sales in the United States since 1997.

Foreclosures and High Unemployment Depress the Real Estate Market

The high volume of foreclosures in the United States, coupled with record-high unemployment rates, have depressed the real estate market in the United States. Many potential home purchasers are waiting to buy homes because the prices will continue to decrease. Many economists feel it will take an additional five to six years for the real estate market in the United States to reach a level of equilibrium. It is estimated that 2011 will even be a worse year for home sales in the United States due to increasing foreclosure rates. This should cause the value of homes to continue to decrease in value in 2011. Due to the foreclosure crisis in the United States, there are simply too many homes on the market and not enough prospective purchasers. In addition, it has become much more difficult to obtain mortgages for prospective homeowners.

Banks are carefully underwriting new mortgages. They are looking into the loan-to-debt ratio. They are performing more due diligence, such as to see that the mortgage applications contain correct information. The fact that mortgage rates are extremely low has not been successful in raising the level of home sales in the United States.

The current rates on fixed home-mortgages in the United States are approximately 4.74% for thirty year mortgages and approximately 4.25% for fifteen year mortgages. In November of 2010, rates reached an all time low of 4.17% for a thirty year mortgage and 3.57% for a fifteen year mortgage. The medium home price in the United States in December of 2010 fell to $168,800.00. This was down 1% from December of 2009.

Foreclosure Defense

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners throughout the Metropolitan New York area. We prepare mortgage modification applications. We litigate foreclosure lawsuits and keep our clients in their homes. We attend court foreclosure conferences. We deal with defective foreclosure lawsuits, predatory lending and bad faith on behalf of financial institutions. Should you have a problem call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Filed Under: Current Events, Foreclosure Defense Tagged With: , , , , ,

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Attorney Elliot S. Schlissel

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Disclaimer: 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.