Should you buy a house or rent an apartment? As long as home values continue to decline, owning a home is a bad investment. If you rent, you have no responsibility for the apartment other than paying your monthly rental bill.

Home Ownership Declines in the United States

Home ownership has been declining the Unites States for the past few years. Home ownership is currently at its lowest rate since 1978. Approximately 38 million households in the United States are renters. While the building of new single family homes has dried up, apartment construction in the United States is now up 115% from its low in October of 2009.

Permits for new apartments hit a two year high in March of 2011. Compared to the number of permits applied for by construction companies for single family homes, there is a drastic difference. Permits for single family homes in 2011 are at their lowest point since 1960.

Rents Going Up

Since more and more families are seeking to rent, it has had an impact on the cost of renting. Rental rates are going up throughout the United States. There was over a 4% increase in rents between 2009 and 2010. Increasing rents is the result of the change in American attitudes. The American dream of owning a home is no longer held in such high esteem by young adults.

Many young Americans are concerned about the risk of home ownership. They see how home values have been going down for the past five years. They are concerned about making an investment of their valuable assets in a declining real estate market.

Harder To Buy A Home

Although homes have come down in value for the past five years, it is still difficult for young people to purchase a home. Banks now require larger down payments. Credit applications are underwritten more carefully and credit has become tighter. Many young Americans look at home ownership not as an investment, but as a financial burden.

Foreclosure Defense Lawyer

If you own a home that is in foreclosure, we can keep you in your home! The Law Offices of Schlissel DeCorpo is one of the premier foreclosure defense law firms in the country. We litigate all aspects of foreclosure proceedings, including defective mortgages, predatory lending, defective foreclosure lawsuits, issues involving robo signers, and other real estate related issues. We attend foreclosure court conferences on behalf of our clients and we seek to motivate financial institutions to give our clients mortgage modifications. We are adept at dealing with mortgage modification programs that fail to meet our clients’ needs.

In certain situations, foreclosure related bankruptcies may be the answer to the foreclosure proceeding. In those situations, we discuss various types of bankruptcies that are available to our clients. These usually involve either Chapter 7 or Chapter 13 bankruptcies. The filing of the bankruptcy in a Federal Bankruptcy Court automatically stops the foreclosure proceeding from moving forward. In some situations, the filing of the bankruptcy can also be used to eliminate a second mortgage on a home. At the end of the bankruptcy, we can assist our clients in re-establishing their credit.

Call us! At your initial free consultation, we will discuss all of your foreclosure options. We appreciate you visiting our foreclosure blog.