The Economy is Slowly Improving, but the Housing Sector is Lacking

But The Housing Sector Is LackingIn recent months, consumer spending in the United States has been increasing. For the seventh month in a row, consumers have been purchasing more goods and services from retailers. Companies have reported higher sales than in 2010.

Housing is Dragging the Economy Down

The real estate sector in the United States is having a negative effect on the United States pulling out of a recession. Although consumer spending has increased, real estate spending is decreasing.

Home builders are still very pessimistic with regard to housing starts in 2011. This year is the worst in nearly fifty years with regard to the amount of new homes being built in the United States.

The National Association of Home Builders recently stated that its index of home builder sentiment remains unchanged as of February, 2011. For the fourth straight month, the sentiment of home builders has been extremely negative.

The American Dream

At one time, the ownership of a single family home was the American dream. For many Americans, this dream has turned into a nightmare. They owe more on their homes than their homes are worth. They are falling behind on their mortgages. They have lost their jobs or are underemployed and are no longer capable of making their mortgage payments. Their children attend schools in their neighborhood and they don’t want to move. This is a dilemma.

The key to an improvement on the real estate market is a reduction in unemployment. If Americans earn more money, they will spend this money on their mortgages. They will buy new homes and modernize their homes. This will give a boost to the housing industry and increase employment in this sector. Unfortunately, this is not happening right now in the United States.

Best Foreclosure Defense Lawyer

If you have a foreclosure problem, we can help you. Our foreclosure defense lawyers litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other types of real estate related matters. We can explain the federal laws on foreclosure and how they affect you. We attend foreclosure court conferences for our clients.

In the appropriate situation, we will discuss foreclosure related bankruptcy issues, such as filing a Chapter 7 and a Chapter 13 bankruptcy with you. In bankruptcy situations, there is an automatic stay that goes into effect, ordered by the court, that stops foreclosure from moving forward. In some bankruptcy situations, we can eliminate second mortgages. At the end of the bankruptcy, we can assist you in re- establishing your credit.

Feel free to set up a free consultation with us. We will discuss your foreclosure options with you. Thank you for visiting our foreclosure blog.

Higher Mortgage Rates and Stricter Mortgage Procedures likely for 2011

Low Mortgage Rates

In the year 2010, mortgage rates were extremely low. They were the lowest they have ever been in the past forty years. It is likely that there will be an upward trend of mortgage rates in the year 2011. As the economy starts to improve, consumer spending will increase and the public’s confidence in our economy will be a factor in the Federal Reserve raising interest rates.

Prospective Home Buyers

If you are a prospective home buyer, you will still be able to obtain an inexpensive mortgage in 2011. Although rates may go up, they are so incredibly low right now that even if they increase in 2011, by historical standards, the rates will still be very reasonable.

Prospective home owners should be aware that the procedures to obtain a new mortgage have been tightened in the past few years. Financial institutions are investigating the information provided by prospective home buyers. The financial institutions are conducting due diligence to a higher degree than existed before.

Mortgage ModificationMortgage Modification

Should you, a friend or a loved one require a mortgage modification, we can help. When homes go into foreclosure, we provide foreclosure defense for our clients. We attend foreclosure conferences. We litigate defective foreclosure lawsuits, bad faith on behalf of financial institutions and predatory lending practices. We also analyze our clients financial situations and advise them as to whether filing a Chapter 7 or Chapter 13 bankruptcy would be appropriate. Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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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