New census data shows that Americans are becoming less mobile. They’re staying in their homes for longer periods of time and are moving less. A major reason for Americans’ lack of mobility relates to the downturn in the economy in the United States and problems within the housing industry.
Approximately 25% of all Americans moved into their current residence in the five year period between 2005 and 2010. In the prior five year period only one in three Americans had resided in their prior residence.
Christopher Jones, Vice President of Research for the Regional Planning Association, an advisory group on Long Island, New York, states homeowners in the Metropolitan New York area are moving less “because they can’t find a buyer for their house or don’t have another job location that they’d be interesting in moving to.”
Residential mobility rates are closely watched by governmental agencies. By reviewing these rates the government can obtain information with regard to revenues from town and state mortgage taxes.
Inability to Sell Homes
People are unable to relocate when they have complete inability to sell their home. During the housing market boom, it commonly only took three to six months from the time a house was placed on the market until it was closed on in a sale. Today, it is common for homes to stay on the market for years before they are purchased. During these long periods of time on the real estate market the value of the homes continues to go down related to the housing crisis and the economic down turn that exists in the United States.
Job Problems on Long Island
Long Island, New York has more problems regarding the real estate market and the economy than other areas of the country. Long Island has not been creating new job and businesses are not moving there. The lack of job creation on Long Island has a negative effect on the residential mobility of home owners.
Long Island Foreclosure Defense Lawyers/ Metropolitan New York Foreclosure Defense Lawyers
There is a housing crisis in the New York metropolitan area as well as the rest of the country. It is estimated approximately 40% of all homes are worth less than the amount of their mortgages, while mortgage delinquency rates continue to climb in the Metropolitan New York area.
The unemployment rate of approximately 9% contributes to the problems homeowners have in making their mortgage payments. Loss of jobs, reduction of income, and increased expenses are forcing many homes into foreclosure. Mortgage modifications are one way to avoid foreclosure proceedings.
The best way to deal with foreclosure problems is to hire a qualified, experienced law firm. The attorneys at the Law Offices of Schlissel DeCorpo have been defending homeowners in foreclosure proccedings for more than 45 years. We attend court conferences for our clients. We provide detailed defenses ranging from defective mortgages, defective foreclosure lawsuits, predatory lending to other real estate related defenses on behalf of our clients. Our office has experience with regard to Federal laws relating to foreclosure.
Long Island Bankruptcy Lawyers
Filing a Chapter 7 or Chapter 13 bankruptcy can be also be the solution to foreclosure problems. This will stop the foreclosure from moving forward, stop debt collection activity, and in some situations, can eliminate second mortgages. Call our office for a free consultation. We will explain all your foreclosure options to you. You are on the Elliot S. Schlissel, Esq. foreclosure blog.
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