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Home Prices Rise in the Spring of 2011

Each year, as the weather gets better, the real estate market seems to blossom at the same time flowers blossom in many large cities in the United States. This has been true for 2011; however, the blossoming only had a minimal impact on the real estate market in the United States this year. Home sale prices rose in 13 of the 20 largest cities that are followed by the Standard and Poor’s / Case – Shiller Home Price Index. Washington, D.C. had the most significant increase in home prices. It was followed by San Francisco, Atlanta and Seattle. The home price index in the city of New York only went up a small amount.

Long Island Home Prices

In May of 2011, there was a slight increase in the average home price in Suffolk County. It rose to $315,000. Nassau County had a decrease in the average price of home sales to $399,000. Unfortunately, these home prices must be adjusted for seasonal factors related to the search of home purchasers that usually takes place in the spring of each year.

Real Estate Crisis

America is still in the throes of a real estate crisis. Approximately a third of all homes are underwater (worth less than the amount of their mortgages). This crisis has been going on for three years. It is becoming a permanent fixture of the real estate cycle. For the economy in the United States to be pulled out of its doldrums, the real estate market must be stabilized, which is not happening. Foreclosure rates are increasing. Equity in homes is decreasing. American’s single largest asset, the single family home, is becoming a liability!

Foreclosure Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options.

Illegal Foreclosures on Homes Owned By Military Personnel

Banks, mortgage companies and other financial institutions have been illegally foreclosing on homes owned by men and women actively serving in the military  of our country. Men and women in the Armed Services of the United States are supposed to be protected by the Servicemembers Civil Relief Act. This is a law designed to protect members of the Armed Services who have financial difficulties. This federal statute prevents foreclosure on properties owned by men and women on active duty in the military of the United States. Foreclosures in violation of the Servicemembers Civil Relief Act are punished by the justice department’s civil division.

Fifty Illegal Foreclosures of Property Owned By Members of the Military

In a recent report the General Accountability Office of the United States government has disclosed that they have found more than fifty wrongful foreclosures of homes owned by members of the military. These foreclosures have been undertaken by 14 of the largest banks in the United States. Al Franken, the democratic senator from Minnesota, stated “the idea of wrongfully forcing service members families from their homes while their loved ones are risking their lives to protect our country, is not only unconscionable, it’s illegal.”

In February of 2011, JP Morgan Chase disclosed it had improperly foreclosed on 18 homes owned by military members. The bank has recently either rescinded the foreclosure sales or reached a financial settlement with a dozen of these military borrowers. JP Morgan Chase’s chairman, Jamie Dimon, referred to these foreclosures as “a painful apparition.” Recently JP Morgan Chase has found another 30 situations where they may have illegally foreclosed on service members homes.

Protect Your Country and Lose Your Home

Men and women who are risking their lives in the armed services of the United States should be protected from having their loved ones thrown out of their homes and the home sold in foreclosure!

Lawyers Helping Victims of Foreclosure

We help families whose homes are being foreclosed. We assist our clients with mortgage modifications and dealing with mortgage modification programs that fail to meet their needs. We litigate violations of federal laws regarding foreclosure,  predatory lending issues, defective foreclosure lawsuits, real estate related issues and defective mortgages. We attend foreclosure court conferences for our clients.

We file foreclosure related bankruptcies, such as Chapter 7 and Chapter 13 bankruptcies for our clients. At our initial consultation we discuss the types of bankruptcy that are available and why the situation may require the filing of a bankruptcy petition. At the end of the bankruptcy case we explain to our clients how to re-establish their credit. It should be noted that bankruptcies stop foreclosures and also stop debt collection activity. Feel free to call us for a consultation. Thank you for visiting our foreclosure defense blog.

Foreclosure Lawyers

New Home Sales

The good news is that the sale of new homes in April of 2011 was up. The bad news is, if new home sales continue at their current pace for the rest of 2011, it will be the worst year for new home sales since records started to be kept more than fifty years ago!

There were 303,000 new home sales in the United States in April of 2011. This was an increase of 3,000 more sales from the 300,000 sales that took place in March of 2011. Overall, economists forecast that there will be 700,000 fewer home sales in the United States this year than will be necessary for the real estate industry to recover.

Demotivated Purchasers

Buyers are not buying new homes. They feel they are too expensive. The high foreclosure rate and the glut of homes already on the market make it more reasonable for a purchaser to buy an existing home instead of a new home. 2011 looks to be the fifth year in a row that showed a decline in new home sales.

The medium price for a new home today is $214,000. This is the same price that it would have cost you to buy that home in 2004. New homes sales in the United States account for approximately a quarter of the real estate market. However, new homes sales have a much greater impact on the overall economy. Every time a new home is built it creates three new jobs. New homes have an impact of more than $90,000 on the local tax rates in their community. When purchasers buy a new home, they also generally buy other items related to their home, such as furniture and appliances.

Home Builders in Trouble

Home contractors have been waiting for years for the economy to improve. They are afraid to build spec houses in a negative economic environment. They don’t want to be stuck with them, as their value continues to erode. Unfortunately, the 1.2 million foreclosures that are anticipated to take place in 2012 will further glut the real estate market and have a continuing long term negative impact on the home building industry in the United States!

Foreclosure

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits, defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferences for the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

SWAT Team Removes Squatters From Foreclosed Home

In Naples, Florida, a group of squatters moved into a foreclosed home that was empty. The Naples Police Department called in a SWAT team in March of 2011. The SWAT team gassed the foreclosed home to try to force the squatters out. Three adults and two children were removed from the home. The two children, ages 2 and 3, were taken by the Florida Department of Children and Families.

A neighbor who was interviewed by NBC news said, “it makes me so sad, it gives me chills. This is a quiet neighborhood. This is the only house we have here that’s in foreclosure.”

Foreclosed Empty Homes Can Cause Problems

If there are homes in your neighborhood that have been foreclosed upon and are currently empty, these homes can become the target for squatters to move into. There are several things neighbors can do to prevent incidents of squatters in empty foreclosed homes in your neighborhood.

Having a Home Look Like It Is Occupied

Simply parking your car in front of the home can have an impact on potential squatters to stay away. Helping out by cutting the grass gives the home a lived-in look.

Foreclosure Lawyers

Our law firm helps families whose homes are in foreclosure. We provide foreclosure defense litigation services including, but not limited to, preparing mortgage modifications, litigating defective mortgages, defective foreclosure lawsuits and predatory lending issues. We attend foreclosure court conferences on behalf of our clients and we provide information concerning all foreclosure options to our clients. We provide foreclosure related bankruptcy legal services, including filing Chapter 7 and Chapter 13 bankruptcies. The filing of these bankruptcies has the immediate effect of stopping foreclosure. In some instances, we can eliminate second mortgages and help our clients re-establish credit. Thank you for reading my foreclosure blog.

Mistakes Made by Home Sellers

It is a buyers market for homes in the United States. Therefore, it is important, if you are trying to sell your home, to avoid making mistakes in how your home is marketed. Here are some suggestions.

Take Beautiful Photographs of Your Home

Today it is estimated that more than three quarters of all home buyers who view perspective homes view them online. It is therefore important that you take attractive photographs of your home and that these photographs are presented online. When you take the photographs, make sure your home is neat, clean and well organized.

Low Quality Home Improvements

Many homeowners, during the course of living in their homes, have been involved in home improvements. Home improvements that have been done to your home should be finished! They should not be projects that made it two-thirds of the way through and never were completed. This is a definite turnoff to perspective purchasers. Purchasers are not interested in buying into your unfinished problems. Homes should be painted in neutral colors.

Realistic Pricing

We have a free market economy concerning the sale of homes in the United States. Your home is only worth what a purchaser will pay for it. Your preconceived notions of what you would like to receive for your home do not necessarily comport with current market conditions that exist in the United States. Remember it is a purchaser’s market. There is a large inventory of homes on the market. Many homes on the market are considered distressed properties. These properties are placed on the market because the purchasers are forced to sell, or the homes have been taken over by financial institutions pursuant to foreclosure proceedings. Buyers will only pay attention to homes that they feel are realistically priced. Before figuring out what you wish to sell your house for, review the prices for other homes that are for sale. If you want your home to sell quickly, price it competitively!

Neat, Clean, Organized

If your home is messy or cluttered, you need to deal with this issue before you list it for sale. Perspective home buyers can be turned off by messy, poorly organized homes. Make sure you do not have corners in your house, closets or other locations that are cluttered with things that need to be filed or organized. The biggest turnoff for perspective purchasers is seeing a dirty home. If your home isn’t clean and neat, hire someone to help you in this endeavor. It is especially important that your kitchen and bathrooms look neat and organized.

Don’t Over Sell

Your home is what it is. You can point out the highlights to perspective purchasers, but to a large extent you should let them look around and get the feel of your home for themselves. Real estate brokers will tell you that the longer the perspective purchaser spends in your home the more likely they will purchase it. Good luck!! Unless the housing market turns around you will need it!

Foreclosure Lawyers

Our office handles foreclosure defense of homes throughout the Metropolitan New York area. We can help you with mortgage modifications and mortgage modification programs that fail to meet your needs. We litigate issues involving defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith litigation and all other foreclosure related issues. We maintain a foreclosure blog to educate our clients and the general public concerning issues involving mortgage foreclosures, mortgage modification programs and other real estate related issues. We also file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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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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

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