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Home Builders Assessment of Real Estate Industry is Full of Gloom

The real estate industry in the United States is doing poorly. Home builders are pessimistic with regard to the housing market in the United States. The National Association of Home Builders has recently put out an announcement that the sentiment among home builders in August of 2011 is extremely negative.

In 2011, the number of new homes built in the United States fell to its lowest level since records were maintained. Home builders cannot compete with the glut of foreclosed homes on the real estate market. It is less expensive to buy a home that was taken over by a bank in foreclosure than to build a new home. Homeowners who want to sell their existing homes and buy a new home cannot find buyers for their existing homes.

Although the sale of newly built homes is a very small portion of the real estate market, it has an significant impact in the economy in local areas. Three jobs are created for each new home being built for a period of one year. In addition, each new home built generates approximately $100,000 in real estate taxes.

Dave Crowe, an economist working with the National Association of Home Builders stated that the weakening of the U.S. economy, coupled with the high unemployment, is having a devastating effect on the marketplace for new home purchasers. The record low interest rates have not been enough to simulate the market place for the building of new homes.

Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferencesfor our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 andChapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Foreclosure by Bulldozer

Banks have a new weapon in dealing with foreclosed homes. The weapon is the bulldozer. Banks have been bulldozing more and more foreclosure homes. First, banks start legal proceedings, which enables them to obtain the titles to homes in local areas. Then they review the homes in their portfolio and they bring demolishing teams and bulldoze the least valuable repossessed homes. In the month of June, Bank of America bulldozed more than 100 foreclosed homes in Cleveland.

JP Morgan Chase has donated homes that it can’t sell or didn’t think were worthy of being repaired. Since 2008, JP Morgan Chase has knocked down approximately 2,000 homes and donated the land to city and county officials.

There is a benefit to banks donating property back to municipalities. They no longer have to pay the real property and school taxes on these homes. They also may be able to write off, as a loss, the homes donated to the municipalities.

Does Bulldozing Help the Housing Market?

There are experts in the real estate industry who claim that by removing low quality homes that are difficult to sell, these homes no longer cause real estate prices in a local area to go down. Since there is an over supply of homes on the market already, putting more low quality homes on the market just brings real estate prices down. The theory is the housing market is in best shape when supply and demand are an equilibrium. By bulldozing homes, the banks are reducing the supply of empty homes to the market place.

New York and Long Island Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferences for our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 and Chapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Buying a Home in a Distressed Market

Adam Letman Bailey is the author of “Finding the Uncommon Deal.” It is his belief that this is the best time to buy a home. Adam believes that the key to finding a good deal regarding the purchase of a home is to have the right information. In his book, “Finding the Uncommon Deal”, he talks about becoming an expert regarding the circumstances involved in your local real estate market.

He makes three specific recommendations: 1) Limit the geographic area in which you’re looking to buy a home; 2) For a short period of time, look intensely at that local market place; and 3) Look at as many properties as humanly possible.

Developing Your Own Expertise

Adam, in his book, suggests you develop your own expertise as to what is a good value in your local market place. For you to spot a bargain, you need to know what constitutes a bargain. He strongly suggests you limit your foray into the real estate market in to one or two local areas.

Distressed Properties

Adam suggests that if you’re considering buying a distressed property, contact the bank directly. See if they will talk to you and provide you with financing to buy a home they took back in foreclosure.

Credit Scores

Before even looking for a home, Adam suggests that you research your credit score. If you’re credit score is not up to par, it is important that you rehabilitate your credit score before applying for a mortgage.

Adam’s book suggests that the real estate market of foreclosed homes represents a unique buying opportunity for prospective homeowners. He believes you can buy homes for speculation and make huge profits or simply buy the home of your dreams at an extremely reasonable price.

Adam makes it clear that he does not believe the real estate market will come back for a long time. He advises in his book that if you buy a home, plan on living there for a minimum of seven years. He believes that real estate prices may continue to drop for several more years before they recover.

Foreclosure Defense

We are foreclosure defense lawyers. We help homeowners stay in their homes, even when they’re in foreclosure. We assist homeowners with mortgage modifications and mortgage modification programs that fail to meet their needs.

We litigate predatory lending issues, defective foreclosure lawsuits, defective mortgages and issues involving federal laws and foreclosure. We attend foreclosure court conferences on behalf of our clients. We discuss foreclosure related bankruptcy issues.

In the appropriate circumstances, we file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We discuss with our clients why bankruptcy filings will be helpful to them and the types of bankruptcies available to them. Filing bankruptcy can stop foreclosures from moving forward and stop debt collection from collection agencies and collection lawyers. At the end of the bankruptcies, we can help our client in re-establishing credit. We appreciate your spending time on our foreclosure blog.

Foreclosed Homes Zap the Strength Out of Our Economy

Banks and other financial institutions are in the loan business. They make loans based on the understanding that they will be repaid both the principal and interest. This is how they make a profit.

Foreclosures

Banks usually wait until a mortgage borrower is more than three months behind before initiating foreclosure proceedings. It is generally more profitable for a bank to resolve non-payment issue without resorting to foreclosure on the home. Lenders are in the money business, not the real estate business. They want to make loans and receive interest and principal payments on those loans. They don’t want to own real estate. When a bank takes possession of a home in foreclosure, their money is tied up in the foreclosed home.

Neglected Homes

Some of the homes taken back by financial institutions need major repairs and upgrades. Some of these homes have been empty for a considerable period of time and have been vandalized or neglected by the prior owners. Banks do not want to get involved in the repairing of homes they’ve taken ownership of in foreclosures.

Foreclosures in Depressed Market Prices

The recent increase is in the amount of foreclosure proceedings brought by financial institutions have further depressed the price of homes.

Price Reductions In Foreclosures

In neighborhoods with high foreclosure rates, the prices of all the homes in these neighborhoods are negatively affected. The sale of homes at bargain prices has a negative effect on the construction industry. Jobs are lost in the process. Suppliers of wood, steel and aluminum to the construction industry are losing jobs because of reduction in their business.

Foreclosure Help

We assist our clients in all aspects of foreclosure defense. We meet with our clients and provide our clients with foreclosure options. These options involve mortgage modifications, litigating defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith and other real estate related issues.

We discuss foreclosure related bankruptcy filings. These can be either Chapter 7 or Chapter 13 bankruptcies. The filing of these bankruptcies immediately stops the foreclosure from moving forward. We also assist our clients in re-establishing credit and, in some circumstances, we can eliminate second mortgages by filing bankruptcies. Call us for a free consultation. Thank you for reading my foreclosure blog.

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

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