There has been an increased demand for apartments to be rented in the United States. More and more Americans are choosing to rent places to live in instead of buying homes. The portion of the American public that owns their own homes peaked in 2004. At that time 69.2% of Americans owned their own homes. As of today approximately 65% of Americans own their own homes. This is a thirteen year low!
The Year of the Landlord
Oliver Chang, a real estate analyst at Morgan Stanley has stated in reference to the year 2012, it will be “The Year of the Landlord.” Mr. Chang states “rents are rising, vacancies are falling, household formations are growing and rental supply is limited.” “We believe the demand for rental properties will continue to grow.”
The area in the rental industry is seeing the most growth deals with building that have five or more apartments in them. Construction of apartment buildings with five or more apartments is up more than 30% from last year. The cost of renting an apartment is up more than 2.4% from last year.
Single Family Homes on the Decline
At the height of the construction boom in 2005, home building represented 6.2% of the overall economic activity in the United States. At the present it represents about 2% of the overall economic activity in the United States. In April of 2009, home building for single family homes hit their lowest level since 1959. Although there is more demand for apartment buildings, the construction of single family homes was the weakest in 2011 since records were maintained concerning this data. Let’s hope that 2012 is a better year for residential construction. Unless Americans see the value of their single family homes going up, consumer confidence in the economy will not be rising!
Long Island and New York City Foreclosure Lawyers
If your home is in foreclosure or about to go into foreclosure, the Law Offices of Schlissel DeCorpo can help you. We can help you with the submission of mortgage modification applications. We are familiar with mortgage modification plans that fail to meet homeowner’s needs. If your financial institution seeks to take your home back in foreclosure we can defend you. We draft and submit to the court answers to foreclosure complaints. The defenses commonly submitted in these types of matters are defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate affirmative defenses to foreclosure lawsuits. Our office can educate you concerning Federal laws and foreclosure.
Long Island and New York City Bankruptcy Lawyers
We are also adept at filing foreclosure related bankruptcies when circumstances require bankruptcy filings. A Chapter 7 bankruptcy or Chapter 13 bankruptcy will cause the foreclosure on your home to immediately stop. Filing bankruptcy in some situations can eliminate second mortgages. Filing of a bankruptcy also stops all debt collection activity related to credit card debts and all other debts. Call us for a free consultation. At our initial meeting we will discuss all of your bankruptcy and foreclosure options. Our law office phone numbers are 516-561-6645, 1-800-344-6431 or 718-350-2802.
