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The Housing Market in 2011

Most major markets in the United States have had a decline in housing prices in January and February of this year. Although there has been a reduction in unemployment in the United States, this has not caused the housing market to rebound.

Inventory Issues

According to the National Association of Realtors, there are 3.5 millions homes that are listed for sale in the United States. Based on the current rate of sales, the inventory of homes can supply the market for 8.6 months. This number does not include homes that are being foreclosed on by financial institutions. There is approximately an additional 1.8 million homes that should be considered on the market at this time. This would make the inventory of homes to be sold closer to 11 months.

Underwater Homes

The inventory figures do not take into consideration the 2 million homes which are currently underwater. If these homes are added to the inventory list, it brings the amount of homes that need to be sold for the market to reach a current equilibrium to an inventory of two years.

Are You Selling Your House In the Near Future?

If you plan on selling your house in the near future, you should look into the real estate sales in your local area. I strongly suggest that you confer with local real estate agents to get a better understanding concerning your local market place.

Home Prices

The value of homes in the large metropolitan areas of the United States has started to creep up again. Taking into consideration the fact that mortgage rates are at historic lows, it is still a purchaser’s market. Even if the sale prices of homes stabilize, we are still looking at a purchaser’s market for a long time to come.

Foreclosure Opportunities

Our office can help you with foreclosure defense, mortgage modifications, dealing with mortgage modification programs that fail, defective mortgage issuesoptions in foreclosures, defective foreclosures lawsuits, predatory lending and other real estate related issues. We also assist our clients concerning foreclosure related bankruptcy issues. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We maintain a foreclosure blog for reference and educational purposes. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-3502802.

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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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