The Economy is Starting to Recover, but not for Home Builders

One of the most severely impacted industries in the United States has been the home construction industry. Stocks on the various stock exchanges have been recovering. Consumers have started to spend for consumer related items in stores. However, home builders have seen no recovery in their industry.

Foreclosures Flood the Market with Homes

There is a glut of homes on the real estate market for sale today. A significant amount of these homes have been taken back by financial institutions as a result of foreclosures. New home sales continue to slump. The huge number of foreclosed homes in the market place that are waiting to be sold have brought down the price of homes.

Home Builders Barely Holding On

New construction of single family homes has undergone a recession for more than six years. The few remaining home builders that have not filed for bankruptcy or gone out of business are barely holding on.

Higher Commodity Prices

In addition to the lack of consumer demand for new homes and the glut of foreclosed homes on the housing market, the cost of new materials has also been a negative factor for new home construction. Commodity prices of every type of building material have been increasing. All commodities must travel by truck to reach stores. The cost of gasoline acts as a tax on all commodities, causing their prices to go up.

Most home builders have scaled down their projects, reduced their employees and cut their costs. Instead of building new homes, the large majority of these small and mid- sized contractors are now involved in home remodeling. Instead of building a new house, they now redo the kitchens and bathrooms.

New York Foreclosure Defense

We can keep you in your home if it is foreclosed upon. The banks fear our law firm. The dozens of cases in which we have kept home owners in their homes for many years are a testament to our expertise in handling foreclosure defense matters.

We litigate all types of foreclosure related matters including, but not limited to, truth in lending violations, defective mortgages, bad faith, violation of federal and state laws, inadequate documentation of the foreclosures, failure to file the appropriate documents with the county clerks office, defective foreclosure lawsuits, predatory lending and other real estate related matters. We attend foreclosure court conferences for our clients. We utilize the court legal system and try to motivate the financial institutions to provide our clients with mortgage modifications.

In some circumstances, we file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. Foreclosure related bankruptcy filings result in automatic stays from the bankruptcy court, which stop foreclosure proceedings from moving forward. In addition, the filing of a bankruptcy can eliminate credit card debt and sometimes eliminates second mortgages. We also help our clients in re-establishing their credit after they file bankruptcy.

Feel free to contact us. We will provide you with a free consultation and discuss your foreclosure options. Thank you for stopping at our foreclosure defense blog.

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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

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.

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